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Wall Street Opens Lower, Spooked by Inflation Data; Dow Down 50 Pts -Breaking

by Mike Robinson

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© Reuters.

Geoffrey Smith 

Investing.com — U.S. stock markets opened lower on Wednesday after data showing the U.S. inflation rate hit its highest in over 30 years, something sure to put fresh pressure on the Federal Reserve to tighten monetary policy faster.

At 36,267 point, the index was at a loss of 53 points or 0.2% by 9:40 ET (1440 GMT). The was down 0.3% and the – with its heavier weighting of ‘long-duration’ tech stocks that are sensitive to assumptions of future interest rates – was underperforming, down 0.8%.

Within the week that the Federal Reserve indicated in its last policy meeting, it was confident not to increase interest rates another year and all three indexes reached record heights.

Labor Department earlier reported that consumer prices increased by 0.9% for October, and rose 6.2% year-over-year. It was the highest annual rate since over 30 years. This broad-based increase was evident, even though core CPI rose to 0.6% per month (an annual rate of 4.6%). 

 

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