S&P 500, Nasdaq Fall After a Warm Inflation Report, Decline in Tech Shares
U.S. stocks wavered Thursday as investors digested a hotter-than-expected producer price index reading for November.
The tech-heavy Nasdaq Composite shed about 0.2%, while the broad market S&P 500 lost 0.1%. The Dow Jones Industrial Average hovered around the flatline.
Tech shares led the decline, with Nvidia losing nearly 2%. Alphabet was also slightly lower.
The producer price index, which tracks wholesale prices, increased 0.4% last month. Economists polled by Dow Jones expected a 0.2% increase on a monthly basis.
This follows November’s consumer price index report, which came in line with economists’ estimates and has prompted investors to anticipate another interest rate cut from the Federal Reserve at its policy meeting next week.
Source : CNBC