Wall St. ends lower as inflation data dims rate cut hopes
STORY: U.S. stocks fell on Wednesday after hotter-than-expected inflation data threw cold water on hopes the Federal Reserve would begin cutting interest rates as early as June.
The Dow and S&P 500 each shed roughly one percent, and the Nasdaq lost more than eight-tenths of a percent.
The Labor Department's Consumer Price Index report pegged the annual inflation rate in March at 3.5 percent, a reminder that it’s a bumpy road to the Fed’s two percent inflation target.
Rob Haworth is senior investment strategist at U.S. Bank Wealth Management.
"Right now, really what we're seeing is still elevated services, inflation and still elevated housing inflation. So those two things, especially where we're seeing short supplies right? We still have short inventories, short housing inventories, and as we heard in the jobs report, we still don't have enough people hired yet. Those are the things really keeping inflation higher."
Prior to the CPI data, markets had priced in a 56% chance of a rate cut in June.
After the report, that likelihood dwindled to just 16.5, according to CME's FedWatch tool.
Minutes from the Fed's March policy meeting out Wednesday reflected concerns that inflation's progress might have stalled and that rates may have to stay higher for longer.
Equity prices were further pressured by benchmark Treasury yields, which breached 4.5% to touch the highest level since November.
Most megacap growth stocks slipped, with the exception of Nvidia, which bucked the trend by rising 2%.
And U.S.-listed shares of Alibaba gained more than 2% after the company's co-founder Jack Ma released a memo to employees expressing support for the internet giant's restructuring efforts - a rare move from the billionaire who has spent the last few years away from the spotlight.
相關影片推薦
- 16:23中美貿易戰 美國祭出電動車高關稅反傷自己?陳鳳馨指關鍵在歐盟!【#風向龍鳳配】風向台灣3,602 次觀看・1 天前
- 1:48詭! 女子90度低頭「呆站不動」目擊民眾:她眼睜好大東森新聞影音108,869 次觀看・2 天前
- 3:21不讓進場!韓國瑜遭女綠委熊抱 藍綠拉扯5分鐘華視影音19,551 次觀看・7 小時前
- 1:05粉絲好奇「為什麼台灣人討厭楊丞琳?」 網友點出關鍵:說出這句話後就回不去了娛樂星聞26,102 次觀看・1 天前
- 2:03518國際博物館日 故宮"免費逛"湧入大批民眾民視影音2,302 次觀看・1 天前
- 1:52「永豐化工」遭勒令停工! 「生理食鹽水、葡萄糖」爆缺藥東森新聞影音19,254 次觀看・21 小時前
- 1:53女控看護失職沒顧父 反應媒合平台:個人行為管不到民視影音949 次觀看・1 天前
- 1:44「哥吉拉現身龜山島?」掀熱議 實為3D軟體圖華視影音780 次觀看・6 小時前
- 33:53舛添要一還中國公道?唐湘龍批台灣兩岸評論離譜、過分、失格!【#風向龍鳳配】風向台灣855 次觀看・8 小時前
- 1:3360歲婦常豆腐乳配吐司 長期營養不均害腦病變東森新聞影音90,117 次觀看・1 天前
熱門必看
- 1:03湯唯與孔劉劇照曝光 兩人笑臉盈盈好養眼娛樂星聞45,351 次觀看・4 天前
- 3:01甜點、便當通通只要日幣XXX元! 網友實測LAWSON 100有多好逛Yahoo創作摩人35,814 次觀看・1 週前
- 12:47【不夠善良的我們】大結局解析+討論 照顧情敵的原因?何瑞之到底愛不愛老婆?許瑋甯也太會演了吧!Ki笑人生83,765 次觀看・1 週前
- 12:582024買不起房,都是自己害的?近30年台灣房價都不會下跌,未來房子只會越來越小 ft.游庭皓SHIN LI70,936 次觀看・1 週前
- 9:14【爆球連發】" OS特化扳機 !! " OS-109 獨角獸 開箱測試雷達之星15,236 次觀看・4 天前