U.S. stocks end mixed as inflation data weighs on markets

[February 15, 2023](Comprehensive report by Epoch Times reporter Li Yang) The United States announced on Tuesday (14th) local time that the Januaryconsumer price index(CPI), showinginflationThe temperature continued to drop, but the rate of drop was not as fast or smooth as the market expected.US stocksShock, the three major indexes closed up and down mixed, so that Wall Street was mixed.

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As of the close, the Dow Jones Industrial Average fell 156.66 points, or 0.46%, to close at 34,089.27 points. The S&P 500 index fell slightly by 1.16 points, or 0.03%, to close at 4136.13 points. The Nasdaq rose 68.35 points, or 0.57%, to close at 11,960.14.

The data released by the U.S. Department of Labor on Tuesday showed that the U.S. CPI in January increased by 6.4% year-on-year, exceeding market expectations of 6.2%. The chain increased by 0.4%.

The report showed that annual U.S. inflation, while cooling for the seventh straight month, did not slow as quickly as many investors had hoped.

This report is also highly anticipated by the market, because for more than a year,inflationAnd the Fed’s response to it has been at the center of a dispute on Wall Street. Inflation has been cooling since peaking at 9.1% last summer, and investors are trying to guess how quickly and smoothly it will fall from the Fed’s 2% target.

“While inflation is headed in the right direction, the road to price stability is long and bumpy,” said Andrew Patterson, senior economist at Vanguard, according to the Associated Press.

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Even ignoring the impact of food and energy prices (which can be more volatile than others), “core inflation” was slightly higher than expected last month.

Maria Vassalou, co-chief investment officer for multi-asset solutions at Goldman Sachs Asset Management, said the strength of core inflation suggests the Fed has work to do to bring inflation down to its 2% target. “If tomorrow’s retail sales are also strong, the Fed may have to raise its funds rate target to 5.5% to keep inflation in check.”

Recently, the market’s views on the Fed’s policy have changed in the field of interest rate options. Investors have been raising their forecasts for how high the Fed will raise interest rates before the summer, and they are now betting on a 19.2 percent chance that the central bank’s key rate will hit 5.5 percent in July. That was up from a 0.2% chance a month ago, according to the CME Group.

Mike Loewengart, an analyst at Morgan Stanley’s Global Investment Office, said that while there were no major surprises in January’s CPI data, it was a reminder that it may still be some time before we see inflation slow to normal. level.

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“This inflation report reminds investors that the path to decline in inflation is not as clear as previously thought, and it is too early for the Fed to announce victory over inflation.” BlackRock’s iShares (iShares) Americas investment strategy director Gadge ‧ Gargi Chaudhuri said.

“(We) warn (investors) against chasing stock price rallies, especially in sectors such as growth stocks and technology stocks,” Chaudhry wrote in a note to clients on Monday. rate hikes) rather than turning to preparations. Regardless of what the Fed’s actual final rate is, we think the Fed will be on the sidelines for an extended period of time as it assesses the impact of its policy.”

Responsible editor: Li Muen#