Wall Street ends with slight declines after U.S. inflation data and Election News
Most sectors saw losses, led by real estate (-0.89%) and communication services (-0.61%).
Stocks fell in a session where investors sought signs of U.S. economic health and the future path of interest rates.
Wall Street closed with modest losses on Thursday as investors reacted to U.S. inflation data that came in higher than expected. The report raised concerns about the Federal Reserve’s potential moves on interest rates, leading to a cautious market sentiment.
All three of Wall Street’s main indexes ended the session in the red. The Dow Jones Industrial Average, which tracks 30 major companies, dropped 0.14% to 42,454.12 points. The broader S&P 500 fell 0.21% to 5,780.05 points, while the tech-heavy Nasdaq Composite slipped 0.05% to 18,282.05 points.
The U.S. Consumer Price Index (CPI) rose more than anticipated in September, showing a 0.2% monthly increase and a 2.4% year-over-year gain. However, these figures were slightly lower than August’s readings of 0.2% monthly and 2.5% annually.
Following the inflation report, traders maintained an 80% probability of a 25-basis-point rate cut in November, according to CME Group’s FedWatch tool, which tracks interest rate futures.
Most sectors saw losses, led by real estate (-0.89%) and communication services (-0.61%). Within the Dow Jones, UnitedHealth stood out with a 1.1% gain, while Boeing (-1.84%) and Home Depot (-1.47%) led the declines.
In election news, the charismatic former president Barack Obama is jumping fully into the campaign this Thursday to support Democratic presidential candidate Kamala Harris, with a rally in the key swing state of Pennsylvania.
Harris’ campaign team waited until the final stretch to bring out this powerful speaker, hoping to gain momentum against her Republican rival, Donald Trump.
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