US Stocks Cut Gains to Trade Lower

Table of Contents

US stocks reversed early gains to trade in the red on Thursday, with both the S&P 500 and the Nasdaq losing about 0.4% and the Dow Jones declining nearly 200 points. Traders digest the latest CPI report which showed the headline inflation rose more than expected to 3.4% while the core rate fell less than anticipated to 3.9%, prompting investors to lower bets for a rate cut by the Fed in March to around 65% from 70%. At the same time, initial claims came below expectations. Utilities was the worst performing sector. On the corporate front, Apple lost nearly 1% and Tesla fell almost 3% while Microsoft gained nearly 0.6% and passed Apple as the most valuable U.S. company. Meanwhile, JPMorgan (-1.2%), Bank of America (-2.1%), Wells Fargo (-1.3%) and Citigroup (-2.9%) were in the red, with the latter announcing it would take over $3 billion in one-time reserves and expenses as part of its upcoming fourth-quarter results.


Submit a Comment

Your email address will not be published. Required fields are marked *

Recent Blog Articles

Week Ahead – May 13th

Week Ahead - May 13th In the US, investors will closely monitor key economic indicators, including inflation, producer price, and retail sales data, alongside speeches by several Fed officials. Significant releases also include data on industrial production, import...