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Dow, S&P 500 slip as inflation, jobs data cloud Fed rate-cut picture
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US stocks were lower on Thursday after the latest consumer inflation print came in hotter than anticipated, further blurring the picture of the Federal Reserve's next interest rate decision in November.
The Dow Jones Industrial Average (^DJI) dropped around 0.1%, or just less than 60 points, while the S&P 500 (^GSPC) fell 0.2% after both clinched fresh record highs on Wednesday. The tech-heavy Nasdaq Composite (^IXIC) was off less than 0.1%.
Chip heavyweight Nvidia (NVDA) climbed more than 1% as it eyed a rise to a record high, while e-commerce giant Amazon (AMZN) also rose roughly 1%, helping the Nasdaq pare earlier losses.
In focus on Thursday was a reading on consumer inflation showing prices rose 0.2% last month, more than the 0.1% rise Wall Street was expecting. On an annualized basis, prices rose 2.4%, compared with 2.3% expected. The data was of greater interest than usual as investors puzzle over the chances of a "no landing" for the economy after last week's jobs report revived worries about inflation flaring up again.
But the jobs market provided a surprise of its own on Thursday, as initial unemployment claims rose to 258,000, much more than Wall Street anticipated and the highest print since August 2023.
Amid all the moving parts, traders now see a 17% chance that the Fed will hold rates steady in November, per the CME FedWatch Tool. Just a week ago, the odds of no cut were at 0% as the market heeded policymakers' message and prepared for a 25 basis point rate reduction.
Also on deck is Tesla's (TSLA) highly anticipated robotaxi event on Thursday evening. CEO Elon Musk is expected to reveal a two-door, butterfly-wing prototype of the cybercab he has bet the EV maker's future on.
For more on this article, please visit:
US stocks were lower on Thursday after the latest consumer inflation print came in hotter than anticipated, further blurring the picture of the Federal Reserve's next interest rate decision in November.
The Dow Jones Industrial Average (^DJI) dropped around 0.1%, or just less than 60 points, while the S&P 500 (^GSPC) fell 0.2% after both clinched fresh record highs on Wednesday. The tech-heavy Nasdaq Composite (^IXIC) was off less than 0.1%.
Chip heavyweight Nvidia (NVDA) climbed more than 1% as it eyed a rise to a record high, while e-commerce giant Amazon (AMZN) also rose roughly 1%, helping the Nasdaq pare earlier losses.
In focus on Thursday was a reading on consumer inflation showing prices rose 0.2% last month, more than the 0.1% rise Wall Street was expecting. On an annualized basis, prices rose 2.4%, compared with 2.3% expected. The data was of greater interest than usual as investors puzzle over the chances of a "no landing" for the economy after last week's jobs report revived worries about inflation flaring up again.
But the jobs market provided a surprise of its own on Thursday, as initial unemployment claims rose to 258,000, much more than Wall Street anticipated and the highest print since August 2023.
Amid all the moving parts, traders now see a 17% chance that the Fed will hold rates steady in November, per the CME FedWatch Tool. Just a week ago, the odds of no cut were at 0% as the market heeded policymakers' message and prepared for a 25 basis point rate reduction.
Also on deck is Tesla's (TSLA) highly anticipated robotaxi event on Thursday evening. CEO Elon Musk is expected to reveal a two-door, butterfly-wing prototype of the cybercab he has bet the EV maker's future on.
For more on this article, please visit:
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