Wall Street ends slightly lower after higher than expected inflation, unemployment
Updated with preliminary closing prices at 4:00 p.m ET/ 2000 GMT
By Sinéad Carew and Lisa Pauline Mattackal
Oct 10 (Reuters) -Wall Street's main indexes closed loweron Thursday as investors looked to higher-than-expected inflation and unemployment claims for indications on the health of the U.S. economy and the path for interest rates.
The closely watched Consumer Price Index rose 0.2% on a monthly basis in September and 2.4% on an annual basis, with both figures being slightly higher than estimated by economists polled by Reuters.
The core figure, which excludes volatile food and energy prices, rose 3.3% year-over-year, versus an estimate of 3.2%.
In a separate report released on Thursday, jobless claims also rose to 258,000 for the week ending Oct. 5, versus an estimate of 230,000.
"Investors were torn between a stronger than expected CPI report and a weaker than expected unemployment claims report," said Jack Ablin, chief investment officer at Cresset Capital in Chicago. "One showed inflation running hotter than expected and the other showed the economy looking weaker than expected. It's the worst of both worlds."
After the economic data, traders were pricing in a roughly 80% probability that the Federal Reserve will cut rates by 25 basis points at its meeting in November and a roughly 20% chance it would leave rates unchanged, according to CME's FedWatch.
Atlanta Federal Reserve Bank President Raphael Bostic on Thursday said he would be "totally comfortable" skipping an interest-rate cut at an upcoming meeting of the U.S. central bank, adding that the "choppiness" in recent data on inflation and employment may warrant leaving rates on hold in November.
Chicago Fed President Austan Goolsbee said he sees "gradual" rate cuts over the next year-and-a-half, while the New York Fed's John Williams said he still sees rate reductions ahead.
According to preliminary data, the S&P 500 .SPX lost 11.77 points, or 0.20%, to end at 5,780.27 points, while the Nasdaq Composite .IXIC lost 9.73 points, or 0.05%, to 18,281.89. The Dow Jones Industrial Average .DJI fell 55.45 points, or 0.13%, to 42,456.55.
Both the S&P 500 .SPX and the Dow had notched record closing highs in the previous day's session.
During Thursday's session energy .SPNY outperformed other sectors as oil prices rose. O/R
Oil futures were rallying as U.S. fuel use had spiked ahead ofHurricane Milton, which made landfall on Florida's west coast late on Wednesday. Oil prices are also being supported by supply concerns related to conflicts inthe Middle East.
Investors are also preparing for the third-quarter earnings season, with major banks scheduled to report results on Friday.
The third-quarter earnings growth rate for the S&P 500 is estimated to come in at 5% year-over-year, according to estimates compiled by LSEG.
In individual stocks, Delta Air Lines DAL.N fell after it forecast quarterly revenue below expectations in anticipation of slower travel spending. Other airlines, American Airlines AAL.O, also lost ground.
Shares of Pfizer PFE.N fell as former executives distanced themselves from activist investor Starboard's campaign against the drugmaker.
Reporting by Sinéad Carew, Lisa Mattackal and Pranav Kashyap in Bengaluru; Editing by Pooja Desai and Aurora Ellis
Aset Berkaitan
Berita Terkini
Penafian: Entiti XM Group menyediakan perkhidmatan pelaksanaan sahaja dan akses ke Kemudahan Dagangan Atas Talian, yang membolehkan sesorang melihat dan/atau menggunakan kandungan yang ada di dalam atau melalui laman web, tidak bertujuan untuk mengubah atau memperluas, juga tidak mengubah atau mengembangkannya. Akses dan penggunaan tersebut tertakluk kepada: (i) Terma dan Syarat; (ii) Amaran Risiko; dan Penafian Penuh. Oleh itu, kandungan sedemikian disediakan tidak lebih dari sekadar maklumat umum. Terutamanya, perlu diketahui bahawa kandungan Kemudahan Dagangan Atas Talian bukan permintaan, atau tawaran untuk melakukan transaksi dalam pasaran kewangan. Berdagang dalam mana-mana pasaran kewangan melibatkan tahap risiko yang besar terhadap modal anda.
Semua bahan yang diterbitkan di Kemudahan Dagangan Atas Talian kami bertujuan hanya untuk tujuan pendidikan/maklumat dan tidak mengandungi – dan tidak boleh dianggap mengandungi nasihat kewangan, cukai pelaburan atau dagangan dan cadangan, atau rekod harga dagangan kami, atau tawaran, atau permintaan untuk suatu transaksi dalam sebarang instrumen kewangan atau promosi kewangan yang tidak diminta kepada anda.
Sebarang kandungan pihak ketiga serta kandungan yang disediakan oleh XM, seperti pendapat, berita, penyelidikan, analisis, harga, maklumat lain atau pautan ke laman web pihak ketiga yang terdapat dalam laman web ini disediakan berdasarkan "seadanya" sebagai ulasan pasaran umum dan bukanlah nasihat pelaburan. Sesuai dengan apa-apa kandungan yang ditafsir sebagai penyelidikan pelaburan, anda mestilah ambil perhatian dan menerima bahawa kandungan tersebut tidak bertujuan dan tidak sediakan berdasarkan keperluan undang-undang yang direka untuk mempromosikan penyelidikan pelaburan bebas dan oleh itu, ia dianggap sebagai komunikasi pemasaran di bawah peraturan dan undang-undang yang berkaitan. SIla pastikan bahawa anda telah membaca dan memahami Notifikasi mengenai Penyelidikan Pelaburan Bukan Bebas dan Amaran Risiko mengenai maklumat di atas yang boleh diakses di sini.
