US Stocks Drop After Inflation Data

Business

The Dow and the S&P500 indexes closed the session slightly below the neutral line on Tuesday, February 14, 2023, while the Nasdaq managed to maintain its gain line. The majority of US stocks were lower on that day. The stronger-than-expected reading of US inflation, which supports a case for additional interest rate increases, was primarily to blame for Wall Street’s poor finish.

The Dow Jones Industrial Average index fell 156.66 points, or 0.46 percent, to 34,089.27 at the end of trading. At 4,136.13, the S&P500 index lost 1.16 points, or 0.03%. To 11,960.15, the tech-heavy Nasdaq Composite Index gained 68.36 points, or 0.57 percent.

Along with the S&P500 Index, seven of the eleven sectors ended lower. Consumer discretionary was the sector that performed best, rising 1.18 percent, while real estate was the sector that performed worst, falling 1.04 percent.

Following news that the payments company plans to spin off its merchant business and take a loss of $17.6 billion as a result of a failed acquisition, shares of Fidelity National Information Services plunged 12.5% among individual stocks.

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Tuesday’s report from the US Bureau of Labor Statistics showed that the Consumer Price Index (CPI) in the United States decreased from 6.5% in December to 6.4% in January.

The CPI increased 0.5 percent monthly. As anticipated, the Core CPI, which excludes volatile energy and food prices, increased 0.4% monthly, bringing the annual rate down to 5.6% from 5.7%.

ICICI Bank gained 1.06 percent to $20.89, INFOSYS gained 0.53 percent to $19.12, Dr. Reddy’s Labs gained 0.16 percent to $55.40, and HDFC Bank gained 1.07 percent to $69.65 in Indian ADR. To $3.44, Azure Power Global gained 1.8%. At $4.88, Wipro remained steady. To $87.03, WNS Holdings lost 1.84 percent.

Sandy

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