US STOCKS-Wall Street closes lower as investors disappointed in US inflation numbers

US STOCKS-Wall Street closes lower as investors disappointed in US inflation numbers

Apple shares were the biggest weight on the Nasdaq and S&P 500 indexes. According to preliminary data, the S&P 500 lost 65.51 points, or 1.64%, to end at 3,935.54 points, while the Nasdaq Composite lost 370.94 points, or 3.16%, to 11,366.73. The Dow Jones Industrial Average fell 325.42 points, or 1.01%, to 31,835.32. “There is much focus right now on Apple,” Krosby said. “Given its weighting, Apple is the bellwether for the market from many perspectives.” Energy shares were up and helped to limit some of the declines in the S&P 500 and Dow. Investors are anxious to see more data on inflation Thursday, when U.S. producer price index data is due. Stocks are down sharply this year following concerns about how aggressively the central bank may need to raise interest rates, and over the Ukraine war and the latest coronavirus lockdowns in China. Coinbase Global Inc slid after its first-quarter revenue missed estimates amid turmoil in global markets that has curbed investor appetite for risk assets.

After U.S. inflation statistics did little to ease market concerns about interest rates, Wall Street’s main indexes ended lower on Wednesday, led by a steep drop in the Nasdaq. Inflation may have peaked in April, according to the Labor Department’s monthly consumer price index (CPI), but it is likely to remain high enough to keep the Federal Reserve on top of it. Last month, the CPI rose 0.3 percent, the weakest increase since August, while experts surveyed by Reuters expected consumer prices to rise 0.2 percent in April. Quincy Krosby, chief equities strategist at LPL Financial in Charlotte, North Carolina, said, “There was not enough of a good surprise to underpin the market.” “This is a market still trying to come to grips with whether the Fed is going to be able to rein in inflation early on.” Consumer discretionary and technology led declines among S&P 500 sectors. The prospect of rising interest rates has hit growth stocks especially hard.

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