S&P 500, Nasdaq extend declines after October inflation data
11:08 am Wednesday, November 27th, 2024
(Reuters) – The S&P 500 and the Nasdaq extended declines on Wednesday as investors assessed an in-line inflation report, although the figure was still above the Federal Reserve’s 2% target.
A Commerce Department report showed the Personal Consumption Expenditure index, the Fed’s preferred inflation gauge, rose by an expected 2.3% in October on an annual basis. On a monthly basis, it rose 0.2%, in line with economists’ expectations.
At 10:03 a.m. the Dow Jones Industrial Average rose 47.83 points, or 0.11%, to 44,908.14, the S&P 500 lost 8.68 points, or 0.14%, to 6,012.95 and the Nasdaq Composite lost 87.31 points, or 0.46%, to 19,088.26.
(Reporting by Johann M Cherian in Bengaluru; Editing by Pooja Desai)
