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US stocks fall as inflation data lowers rate cut expectations; S&P 500, Nasdaq both down by more than 1%

ByEditor

Feb 13, 2024

US stocks slipped at the open on Tuesday after worse-than-expected inflation data dampened hopes of an interest rates cut. The Dow Jones Industrial Average fell 98.21 points, or 0.25 percent, at the open to 38,699.17. The S&P 500 opened lower by 53.90 points, or 1.07 percent, at 4,967.94, while the Nasdaq Composite dropped 343.67 points, or 2.16 percent, to 15,598.88 at the opening bell. Shares of Microsoft fell 2.3 percent and Nvidia lost 2.1 percent.

After the inflation data, Treasury yields jumped. The yield on the 10-year Treasury rose to 4.25 percent from 4.18 percent late on Tuesday. The 2-year yield leaped to 4.57 percent from 4.47 percent. Asian stock markets were mixed on Tuesday. Japan’s Nikkei 225 edged up 2.9 percent at 37,963.97. Hong Kong’s Hang Seng Index and China’s Shanghai Composite were closed for a holiday.

Oil prices edged up on Tuesday on uncertainties over fighting in the Middle East. Brent futures were up 54 cents to $82.54 a barrel at 1224 GMT. US West Texas Intermediate (WTI) crude was up 50 cents at $77.42 per barrel. Gold prices rose on Tuesday. Spot gold was up 0.4 percent at $2,027.99 an ounce by 1145 GMT. US gold futures were up 0.4 percent at $2,041.80.

By Editor

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