Home » INDEXDJX: .DJI and Nasdaq down 1% after hotter-than-expected inflation
Stocks took a hit on Thursday as reports of a hotter-than-expected inflation reading and an unexpected dip in jobless claims weighed on sentiment.  The INDEXDJX: .DJI – Dow Jones Industrial Average fell around 346 points, or 1%, while the Nasdaq Composite lost 1.1%.  This was despite the Federal Reserve’s boss, Jerome Powell, due to appear in an interview on Tuesday, with the Fed’s Bostic stating that a higher peak rate is on the table after the jobs blowout.  Investors are now bracing for the potential of higher rates, causing gold stocks to dip sharply this week.
Last Wednesday INDEXDJX: .DJI increased 0.11%, the S&P 500 0.28% and Nasdaq 0.92%.
The stock market showed signs of strength on Wednesday, as the Dow Jones Industrial Average rose 38.78 points, or 0.11%, and the S&P 500 climbed 0.28% . This marked the third consecutive day of gains for the S&P 500, as it rose 0.92% . The Nasdaq Composite also saw gains, rising 0.9% .
Despite the positive market movement, things took a turn on Thursday as the market fell in response to rising inflation and jobless claims data. Goldman Sachs, Microsoft, and Amgen were the most affected stocks, while gold prices were down 1.4% WTD . Jobless claims, however, unexpectedly fell last week, indicating that the labor market is still tight . This news, combined with consumer sentiment remaining high, helped to offset some of the losses seen earlier in the day .
Stocks fell Today after another hot inflation report and a decline in jobless claims
Stocks fell on Thursday after another hot inflation report and a decline in jobless claims, which showed the economy is holding up amid the Federal Reserve’s rate hikes . Goldman Sachs, Microsoft, and Amgen all lost more than 1% on the INDEXDJX: .DJI . Every S&P 500 sector fell, with real estate, utilities, and industrials leading the way lower . January’s producer price index rose 0.7% on the month, while economists surveyed by Dow Jones expected a 0.4% increase . The new data comes after January’s consumer price index and retail sales report were both higher than expected, suggesting that the Federal Reserve may have further to go in its efforts to tame inflation .