U.S. stocks fell on Tuesday, slipping from recent highs as investors digested a better-than-expected January inflation report that showed prices falling more slowly than expected.
The S&P 500 (^GSPC) fell about 1.3% after the index mark slumped on Monday as it tried to hold on to a historic rally above 5,000. The Dow Jones Industrial Average (^DJI) fell by nearly 1%, losing momentum from its closing high, and the tech-heavy Nasdaq Composite Index (^IXIC) fell by about 2%.
Tuesday's Consumer Price Index (CPI) release, which excludes volatile food and energy categories, showed “core” prices rose 0.4% in January, the largest monthly increase since April 2023. . On a headline basis, prices rose 3.1%, faster than economists expected, but slowing from December's 3.4% annualized rise.
read more: Impact of Fed interest rate decisions on bank accounts, CDs, loans, and credit cards
Attention is also focused on the next wave of corporate performance following a better-than-expected earnings season. Investors are watching for signs that the 'Magnificent Seven' will expand beyond earnings estimates to drive market returns, including Coca-Cola (KO), Shopify (SHOP), and Airbnb. (ABNB) etc. are attracting attention.
In other markets, Bitcoin (BTC-USD) price hovered below $50,000 after the major cryptocurrency reached notable levels for the first time since 2021, in what appears to be a notable comeback. ing.
live2 updates
-
Stocks open in the red
Stocks fell sharply on Tuesday after January's consumer price index came in better than expected.
The S&P 500 (^GSPC) fell 1.3% after the index slumped Monday as it tried to hold on to its historic gains above 5,000 points. The Dow Jones Industrial Average (^DJI) fell by about 0.9%, losing its momentum of hitting a new high, while the tech-heavy Nasdaq Composite Index (^IXIC) accelerated its decline, dropping by about 2%.
The technology (XLK), consumer staples (XLY), and real estate (XLRE) sectors all fell about 2%.
Source: Yahoo Finance -
