Breaking News
0

US STOCKS-Wall Street dips again, inflation data calms nerves

Stock MarketsOct 11, 2018 20:00
Saved. See Saved Items.
This article has already been saved in your Saved Items
 
© Reuters. US STOCKS-Wall Street dips again, inflation data calms nerves

(For a live blog on the U.S. stock market, click LIVE/ or type LIVE/ in an Eikon news window.)

* CPI and core CPI rises less-than-expected in September

* Indexes dip: Dow 0.11 pct, S&P 0.27 pct, Nasdaq 0.05 pct

* Treasury yields extend drop after CPI data

* Tech and FAANG stocks lead market gainers

* Walgreens and Delta climb after quarterly results (Updates to open)

By Shreyashi Sanyal

Oct 11 (Reuters) - U.S. stocks steadied slightly after their worst day in eight months on Thursday as a smaller-than-expected rise in consumer prices suggested inflationary pressures were easing, weakening the case for an aggressive campaign of further interest rate rises.

The Consumer Price Index (CPI) increased 0.1 percent last month, Labor Department data showed, as did core CPI, which excludes volatile food and energy components. Both were below economists' forecasts of a 0.2 percent climb. main U.S. stock indexes were still slightly lower after opening, but U.S. Treasury yields, whose rise above 3 percent has been a key factor weakening demand for U.S. stocks, retreated further after the numbers.

"At least for right now, inflation fears seem to be taking a pause. There is a tendency in the markets to overact in both-ways in the short-term which is what we saw last week," aid Art Hogan, chief market strategist at B. Riley FBR in New York.

Five of the 11 major S&P sectors rose, with some of the biggest losers from Wednesday's slump leading the gainers.

The technology sector .SPLRCT increased 0.65 percent and the communication services .SPLRCL sector gained 0.50 percent.

The two sectors house four of the five high-growth FAANG stocks. Facebook FB.O , Apple AAPL.O , Netflix NFLX.O and Alphabet GOOGL.O were up between 1 percent and 1.9 percent. Amazon AMZN.O , part of consumer discretionary, was down 0.6 percent.

At 10:20 a.m. ET the Dow Jones Industrial Average .DJI was down 28.70 points, or 0.11 percent, at 25,570.04, the S&P 500 .SPX was down 7.61 points, or 0.27 percent, at 2,778.07 and the Nasdaq Composite .IXIC was down 3.93 points, or 0.05 percent, at 7,418.12.

Energy stocks .SPNY fell 1 percent as oil prices hit two-week lows after an industry report showed U.S. crude inventories rose more than expected. O/R

Walgreens WBA.O was up 0.4 percent, reversing premarket losses, after the drugstore chain's profit soared 88.5 percent as more people brought prescription medicines and it benefited from its acquisition of Rite Aid stores. Air Lines DAL.N rose 4.6 percent after reporting a third-quarter profit that beat estimates as strong demand for air travel and tight control over costs helped the airline battle rising fuel expenses. issues outnumbered advancers for a 1.57-to-1 ratio on the NYSE and a 1.08-to-1 ratio on the Nasdaq.

The S&P index recorded no new 52-week highs and 36 new lows, while the Nasdaq recorded 5 new highs and 154 new lows.

US STOCKS-Wall Street dips again, inflation data calms nerves
 

Related Articles

Add a Comment

Comment Guidelines

We encourage you to use comments to engage with users, share your perspective and ask questions of authors and each other. However, in order to maintain the high level of discourse we’ve all come to value and expect, please keep the following criteria in mind: 

  • Enrich the conversation
  • Stay focused and on track. Only post material that’s relevant to the topic being discussed.
  • Be respectful. Even negative opinions can be framed positively and diplomatically.
  •  Use standard writing style. Include punctuation and upper and lower cases.
  • NOTE: Spam and/or promotional messages and links within a comment will be removed
  • Avoid profanity, slander or personal attacks directed at an author or another user.
  • Don’t Monopolize the Conversation. We appreciate passion and conviction, but we also believe strongly in giving everyone a chance to air their thoughts. Therefore, in addition to civil interaction, we expect commenters to offer their opinions succinctly and thoughtfully, but not so repeatedly that others are annoyed or offended. If we receive complaints about individuals who take over a thread or forum, we reserve the right to ban them from the site, without recourse.
  • Only English comments will be allowed.

Perpetrators of spam or abuse will be deleted from the site and prohibited from future registration at Investing.com’s discretion.

Write your thoughts here
 
Are you sure you want to delete this chart?
 
Post
Post also to:
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Thanks for your comment. Please note that all comments are pending until approved by our moderators. It may therefore take some time before it appears on our website.
 
Are you sure you want to delete this chart?
 
Post
 
Replace the attached chart with a new chart ?
1000
Your ability to comment is currently suspended due to negative user reports. Your status will be reviewed by our moderators.
Please wait a minute before you try to comment again.
Add Chart to Comment
Confirm Block

Are you sure you want to block %USER_NAME%?

By doing so, you and %USER_NAME% will not be able to see any of each other's Investing.com's posts.

%USER_NAME% was successfully added to your Block List

Since you’ve just unblocked this person, you must wait 48 hours before renewing the block.

Report this comment

I feel that this comment is:

Comment flagged

Thank You!

Your report has been sent to our moderators for review
Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.
Continue with Google
or
Sign up with Email