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Inflation data slows US stock markets Dow Jones down 0.35% Consumer prices rise more than expected
NEW YORK (dpa-AFX) – Inflation data that was slightly above expectations slowed the recent upward trend on the US stock markets on Thursday. The leading index Dow Jones Industrial fell by 0.35 percent to 33,687 points in early trading. It ended the recovery that had driven the Dow higher for four trading days in a row. Yields on the US bond market rose again after recently falling.
Consumer prices in the USA rose by 3.7 percent in September compared to the same month last year. Economists on average had expected a slowdown to 3.6 percent. “The decline in inflation is stalling,” wrote economist Thomas Gitzel from VP Bank. After falling in the spring and summer, energy prices are now driving inflation again.
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The market-wide S&P 500 was 0.1 percent lower at 4,373 points. The technology-heavy Nasdaq 100, on the other hand, rose by 0.50 percent to 15,317 points, supported primarily by price gains in the semiconductor industry.
Among the individual stocks, the shares of Walgreens Boots Alliance topped the Dow Jones Industrial with a gain of 4.6 percent. The management of the US drugstore chain is taking action with another savings program after deep red numbers and the departure of the boss. Annual costs are expected to fall by at least $1 billion.
In the collective bargaining dispute in the US auto industry, the UAW union is increasing the pressure on Ford with a strike at the company’s largest plant. This is considered very profitable. The shares fell by 2 percent.
Domino’s Pizza shares rose 3 percent. Analysts spoke of the fast food chain’s weak performance in the domestic market in the third quarter. However, the share price had fallen sharply at the beginning of October and has now continued its recovery.
Shares in retailer Target benefited from a new buy recommendation from Bank of America and rose 1.4 percent./bek/he
2023-10-12 14:25:35
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