Inflation data and interest rates impact U.S. stocks lower
U.S. stocks fell on Thursday after new inflation data was released, clouding investor confidence in upcoming interest rate changes. According to Yahoo Finance, the Dow Jones Industrial Average (^DJI) was essentially unchanged, the S&P 500 (^GSPC) fell about 0.2%, and the Nasdaq Composite (^IXIC) fell 0.5%. Also read: US expects shipping container imports to fall to $999 million in 2023 The inflation data continued the earlier narrative that the consumer price index was stimulating the market, briefly pushing the Nasdaq above the 20,000-point mark. The key data cleared the way for expectations of a rate cut by the Federal Reserve in December, a move that market observers all but confirmed. However, the producer price index exceeded expectations in November, rising 0.4%, higher than the 0.2% expected, fueling speculation about the Fed's next move in January. As the financial world digested these insights, the Swiss National Bank unexpectedly cut interest rates by 0.5%, the largest rate cut in nearly a decade,…
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