The U.S. stock market experienced a downturn on Tuesday, with major indices retreating from their peak levels.
February 13, 2024
The U.S. stock market experienced a downturn on Tuesday, with major indices retreating from their peak levels. As reported by Yahoo Finance, this shift in market sentiment was primarily driven by the latest inflation data for January, which indicated a slower-than-expected cooling in price increases. The S&P 500 saw a decline of approximately 1.3%, moving away from its attempt to sustain a rally above the 5,000 mark. Similarly, the Dow Jones Industrial Average fell by nearly 1%, and the Nasdaq Composite experienced a more significant drop of around 2%.
The core Consumer Price Index (CPI), excluding the often unpredictable food and energy sectors, rose by 0.4% in January, marking its most substantial monthly increase since April 2023. Overall, inflation rates stood at 3.1%, slightly above economists’ predictions but showing a slowdown from December’s 3.4% annual increase.
Investors are also keeping a close eye on the ongoing earnings season, with notable companies like Coca-Cola (KO), Shopify (SHOP), and Airbnb (ABNB) set to report their results. The market is eager to see if the positive earnings trend will extend beyond the dominant tech giants and contribute to broader market gains.
In the cryptocurrency realm, Bitcoin’s (BTC) price remained just under the $50,000 threshold, following its recent surge to levels not seen since 2021, signaling a potential comeback in investor interest.
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