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On Wednesday, April 10th, the U.S. stock markets ended lower after unexpectedly high inflation data reduced hopes for early Federal Reserve rate cuts.
The major indexes dropped significantly at the start after the CPI report exceeded forecasts, indicating a long battle to achieve the Fed’s 2% inflation target.
According to economic data, the annual inflation rate in the U.S. climbed for the second month in a row, reaching 3.5% in March, up from 3.2% in February. Meanwhile, U.S. wholesale inventories saw a monthly increase of 0.5% in February, marking a turnaround from a 0.2% decrease the month before.
In the S&P 500, all 11 primary sectors finished in the red except for energy, with the real estate segment experiencing the most significant drop.
The Dow Jones Industrial Average declined 1.09% to close at 38,461.51. The S&P 500 slid 0.95%, ending the day at 5,160.64, and the Nasdaq Composite fell 0.84%, finishing the session at 16,170.36.
Asian Markets Today
Eurozone at 06:15 AM ET
Commodities at 06:15 AM ET
US Futures at 06:15 AM ET
Dow futures were down 0.28%, S&P 500 futures declined 0.31%, and Nasdaq 100 Futures slid 0.25%.
Forex at 06:15 AM ET
The U.S. Dollar Index gained 0.04% to 105.29, USD/JPY was down 0.01% to 153.16, and USD/AUD slipped 0.14% to 1.5340.
Photo by Pavel Bobrovskiy via Shutterstock
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