© Reuters.
By Liz Moyer
Investing.com — U.S. stocks were falling after data showed inflation picked up in January from the prior month.
At 10:40 ET (15:40 GMT), the was down 199 points or 0.6% while the was down 0.5% and the was down 0.5%.
The for last month rose 0.5%, after a 0.1% revised increase for December. The pace of the increase ending in January did slow, however, rising 6.4%, slightly more than expectations. And the pace has slowed since mid-last year.
, which excludes food and fuel prices, rose 0.4% for the month as expected and 5.6% , again slightly ahead of expectations.
Analysts had hoped the numbers would give more definitive evidence that successive interest last year to tame inflation were working. Growth stocks in particular have risen this year in the hope that the Fed could soon put a pause on its rate hikes.
But hopes are fading for a quick end. another quarter of a percentage point increase when the Fed meets in March and at least another one after that in May, with the benchmark rate rising to above 5% by mid-summer.
The small business optimism reading was 90.3 for January, lower than expected though an uptick from the prior reading.
Coca-Cola Co (NYSE:) shares ticked lower 0.7% despite a strong full-year profit forecast from the beverage maker. Shares of Marriott International Inc (NASDAQ:) rose 0.7% after the hotel giant forecast stronger than expected first quarter earnings on strong travel demand.
Boeing Co (NYSE:) shares rose 1.2% after the announcement that Air India had ordered 200 planes.
Oil fell. were down 1.5% to $78.93 a barrel, while are down 1.3% to $85.44 a barrel. are up 0.2% to $1867.
Be the first to comment