Stocks in the US were sharply lower on Wednesday, with the three major averages tumbling nearly 1% after the US CPI report showed rising inflationary pressures and stalled progress in curbing inflation. All measures came above forecasts with the headline inflation unexpectedly rising to 3% and the core one increasing to 3.3%.
At the monthly level, the CPI also rose 0.5%, the most since August 2023. Figures reinforced the Fed's cautious approach on further rate cuts.
Traders are now only pricing in a 25 bps reduction in the fed funds rate for December. All sectors traded in the red, with real estate, utilities, industrials and materials booking the biggest losses.
Megacaps were also lower, including Apple (-0.3%), Nvidia (-1.2%), Microsoft (-1%), Amazon (-1.8%) and Meta (-0.3%). Tesla on the other hand, was gaining almost 2%.
Source: Trading Economics
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