The S&P 500 pulled back on Wednesday, pressured by losses in the artificial intelligence trade, as investors reacted to hotter-than-expected September consumer inflation data.
The broad market index fell 1.11% to end at 7,718.94, while the Nasdaq Composite shed 1.88% to close at 26,692.87. The Dow Jones Industrial Average declined 48.62 points, or 0.09%, to 51,621.48. Gains in key healthcare stocks such as UnitedHealth and Amgen kept the 30-stock index’s losses in check.
The consumer price index rose 0.6% in September month over month, with its year-over-year gain coming in at 3.7%. While the former was in line with expectations, the latter was hotter than expected, as economists polled by Dow Jones had anticipated a 3.6% advance on the year.
Excluding food and energy prices, core CPI posted a monthly and yearly advance of 0.3% and 2.6%, respectively. Both were also slightly higher than the increase of 0.2% and 2.5% that economists had expected.
SPI down 18 - Gold eases - BOQ results - TWE update
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