Stock markets edged lower in the United States on Wednesday after the US Labour Department data showed inflation jumping to 30-year high. US consumer prices increased more than expected in October as the cost of gasoline and food surged.
This was the sharpest spike in inflation since 1990, raising concerns the Federal Reserve will hike interest rates sooner than expected.
The Treasury yields witnessed their biggest gains in months on Wednesday, as the investors expect an interest rate hike. Higher yields tend to hurt expensive and high-growth stocks. The S&P 500 along with the Dow Jones Industrial Average and the Nasdaq fell.
The S&P 500 slipped 38.54 points, or 0.8%, to 4,646.71.
The Dow Jones Industrial Average fell 240.04 points, or 0.7%, to 36,079.94.
The Nasdaq was down 263.84 points, 1.7%, to 15,622.71.
The Russell 2000 index of smaller companies fell 37.71 points, or 1.6%, to 2,389.58.
For the week:
The S&P 500 is down 50.82 points, or 1.1%.
The Dow is down 248.01 points, or less than 0.7%.
The Nasdaq is down 348.88 points, or 2.2%.
The Russell 2000 is down 47.50 points, or 1.9%.
For the year:
The S&P 500 is up 890.64 points, or 23.7%.
The Dow is up 5,473.46 points, or 17.9%.
The Nasdaq is up 2,734.42 points, or 21.2%.
The Russell 2000 is up 414.73 points, or 21%.
–With agency inputs
(Edited by : Bivekananda Biswas)
First Published: Nov 11, 2021, 06:51 AM IST