Wall Street Closes Lower Ahead of Key Inflation Data
Wall Street’s three major indices closed Tuesday’s session with losses as investors cautiously awaited November’s U.S. Consumer Price Index (CPI) report, set to be released tomorrow.
The data is expected to heavily influence the Federal Reserve’s interest rate decision at its December 18th policy meeting, the final one of the year.
The Dow Jones Industrial Average fell 0.35% to close at 44,247.83 points. The S&P 500 declined 0.30%, ending at 6,034.91 units, while the Nasdaq Composite dropped 0.25% to 19,687.24 points.
Main Movers
Among individual stocks, Oracle slid 6.67% following weaker-than-expected earnings reported late Monday. Nvidia also declined, losing 2.69%, as the company faced a second consecutive day of pressure from an antitrust investigation in China.
On the other hand, Alphabet, Google’s parent company, surged 5.32% after its Google Quantum AI unit unveiled a revolutionary chip capable of solving complex quantum equations in minutes, a task that would otherwise take years. Boeing also outperformed, gaining 4.56% after announcing plans to accelerate production of its 737 Max aircraft.
Across sectors, losses were led by real estate and technology stocks, while communication services posted the largest gains. Despite the cautious tone in markets, corporate updates and breakthroughs provided some bright spots amid the broader declines.
Janet Yellen’s Remarks
Also today, U.S. Treasury Secretary Janet Yellen expressed concerns on Tuesday about the potential impact of President-elect Donald Trump’s proposed broad tariffs on imports. Speaking at a Wall Street Journal CEO Council event, Yellen warned that such measures could undermine progress in controlling inflation and increase costs for households and businesses.
Yellen also highlighted concerns about the fiscal sustainability of the United States. She emphasized the need for Congress to identify funding sources for extending Trump’s 2017 tax cuts for individuals and small businesses, which are set to expire in 2025.
Her remarks reflect apprehension about balancing economic growth with responsible fiscal management amid evolving policy priorities under the incoming administration.
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