Markets today: U.S. stocks slip as inflation gets worse - BNN Bloomberg
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BNN Bloomberg is Canada’s definitive source for business news dedicated exclusively to helping Canadians invest and build their businesses. NEW YORK — U. S. stocks dropped to their worst day since July on Wednesday following the latest signal that inflation is getting worse. The S&P 500 sank 1.1 per cent for a fifth loss in the six days since setting its all-time high. The Dow Jones Industrial Average fell 48 points, or 0.1 per cent, and the Nasdaq composite slid 1.9 per cent as stocks in the artificial-intelligence industry led the way lower. Stocks felt pressure from rising yields in the bond market, where worries grew after a report said U. S. consumers had to pay prices for fuel, food and other costs of living last month that were 3.7 per cent higher overall than a year earlier. That means inflation accelerated from its 3.4 per cent rate in August and was worse than the 3.6 per cent that economists expected. S&P 500 market updates hereInflation has remained more painful than anyone would like since the economy catapulted out of the crevasse created by the COVID-19 pandemic.
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