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Stocks dragged lower as traders price in US interest rate rises after worse than expected data releases
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Dow loses more than 500 points Friday as tech slumps and yields spike: Live updates CNBCStock Market Today: Dow Falls 400 Points Lower on Oil Price Fears — Live Updates WSJThe Global Bond Rout Catches Up With Wall Street's Risk Rally Bloomberg.comStock market today: Dow, S&P 500, Nasdaq sink as yields jump amid inflation jitters Yahoo Finance
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Hopes for an end to the war in Iran faded after President Trump failed to secure a commitment from China to help persuade Iran to reopen the Strait of Hormuz.
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Global Bond Selloff Worsens as Rising Oil Prices Spook Investors Bloomberg.com30-year Treasury yield tops 5.1%, highest in nearly a year CNBCDemand for longer-term U.S. debt gets weaker as one shock after another stokes fear that high inflation is here to stay FortuneThe 30-year Treasury yield just broke to its highest level in almost 20 years
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Airlines have raised fares, cut routes and hiked bag fees in response to increasing jet-fuel prices.
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Stocks stabilized Wednesday after Tuesday's hotter-than-expected inflation data sparked Wall Street's worst selloff in over two years.
Inflation remained in focus today with the early morning release of the producer price index (PPI) for August. Similar to yesterday's consumer price index (CPI), the PPI - which measures what suppliers are charging for goods and services - rose at a slower annual clip in August than it did in July. However, on a month-over-month basis, both PPI and core PPI, which excludes energy and food prices, were up from July's figures.
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"There is a divergence in headline and core inflation building, where headline is cooling and core is heating up," says Jamie Cox, managing partner at Harris Financial Group. "That's an odd phenomenon and likely influenced by the shift from goods to services post-pandemic. The Fed should proceed with caution and not hit the emergency brake on rate hikes."
While yesterday's selling was broad-based, today's action was more mixed. In terms of sector performance, real estate (-1.2%) and materials (-1.2%) were the biggest laggards, while energy ( 2.8%) outperformed as U.S. crude futures rose 1.3% to settle at $88.48 per barrel.
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As for the major indexes, the Nasdaq Composite ended up 0.7% at 11,719, while the S&P 500 Index ( 0.3% at 3,946) and the Dow Jones Industrial Average ( 0.1% at 31,135) also finished with mode
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