Stocks inch lower on Wall Street after U.S. inflation edges down in November
Investing.com — Stocks in New York moved lower in early trading on Tuesday, after data showed that consumer price growth in the U.S. slowed in line with expectations in November.
By 09:40 ET (14:40 GMT), the 30-stock Dow Jones Industrial Average had slipped by 24 points or 0.1%, the benchmark S&P 500 had shed 12 points or 0.3%, and tech-heavy Nasdaq Composite had lost 19 points or 0.1%. The main averages on Wall Street all posted their highest closing levels so far this year in the prior session.
Annual headline consumer price growth edged down to 3.1% last month, decelerating from 3.2% in October, according to data from the Bureau of Labor Statistics on Tuesday. Month-on-month, the reading inched up by 0.1%. Economists had forecast the measures at 3.1% and 0.0%, respectively.
The closely-watched «core» figure, which strips out volatile items like food and energy, rose by 4.0% annually, in line with the prior month. On a monthly basis, underlying price gains came in at 0.3%, a marginally faster pace than 0.2% in October. Both matched estimates.
The numbers seemed to bolster bets that the Fed will choose to leave interest rates higher throughout the spring. Although some market observers have been predicting that the central bank will begin to bring down borrowing costs early next year, Fed Chair Jerome Powell has stressed that officials will continue to move «carefully» as they search for proof that a recent period of elevated inflation has been quelled.
On Wednesday, the Fed will unveil its latest monetary policy decision.
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