U.S. stocks pared gains to decline into the last hour of trading as investors assessed fresh inflation data out of Washington that showed prices in March further accelerated to a new 40-year high.
The S&P 500 retreated to fall 0.2%, and the Dow ticked below the flatline. The Nasdaq Composite faltered after jumping earlier in the session. Meanwhile, Treasury yields slightly retreated, but the benchmark 10-year yield remained above 2.7%, the highest level since January 2019.
The moves follow a down day on Wall Street to start the week marked by mounting worries of an economic slowdown as war in Ukraine, COVID-19 lockdowns in China and the prospect of a more aggressive Federal Reserve weigh on sentiment. Investors look ahead to the start of earnings season and more economic data set for release this holiday-shortened trading week.
Markets are weighing the latest gauge on inflation in the U.S. The Bureau of Labor Statistics’ (BLS) Consumer Price Index (CPI) rose 8.5% in March compared to…
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2022-04-12 18:57:01
