Stocks wavered in afternoon trading, as losses for several Big Tech companies offset gains elsewhere in the market.
The S&P 500 fell 0.5 per cent, even though more stocks were rising than falling in the index. The Dow Jones fell 78 points, or 0.2 per cent. Both indexes set records on Tuesday. The Nasdaq composite fell 1.1 per cent.The Australian sharemarket is set to inch up, with futures at 4.56am AEDT pointing to a rise of 14 points, or 0.1 per cent, at the open. The ASXLosses for tech heavyweights helped pull the broader market lower. Semiconductor giant Nvidia slipped 3.3 per cent.
Consumers have been driving economic growth, but the latest round of earnings reports from retailers shows a mixed and more cautious picture. Consumers, though resilient, are still facing pressure from inflation. The latest update from the US government shows that inflation accelerated last month. The personal consumption expenditures index, or PCE, rose to 2.3 per cent in October from 2.1 per cent in September.
The latest inflation data, though, is a sign that the rate of inflation seems to be stalling as it falls to within range of the Fed’s target of 2 per cent. The central bank started raising its benchmark interest rate from near-zero in early 2022 to a two-decade high by the middle of 2023 and held it there in order to tame inflation.
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