The report is one of the last the Fed will see ahead of their Sept. On a year-over-year basis, inflation was 8.3%.Įconomists surveyed by Dow Jones had been expecting a decline of 0.1% for overall inflation, with a rise of 0.3% for core inflation. Core inflation rose 0.6% month over month. Headline inflation rose 0.1% month over month, even with falling gas prices. The August consumer price index report showed a higher-than-expected reading for inflation. It meant a lot of guys who were making preliminary favorable bets got caught off base," he said.
It's not so much that the one number made the economy go topsy-turvy. "Certainly the 3900 is just so tempting, and you're pulling back below the 50-day moving average here. "I think we may even go back and retest the June lows," UBS director of floor operations Art Cashin said Tuesday on CNBC's "Squawk on the Street." 6 close of 3,908 and causing some traders to glance back at mid-June, when the index fell below 3,700. The drop erased nearly all of the recent rally for stocks, pulling the S&P 500 back toward its Sept. Just five stocks in the S&P 500 finished in positive territory. Tech stocks were hit particularly hard, with Facebook-parent Meta skidding 9.4% and chip giant Nvidia shedding 9.5%. The Dow Jones Industrial Average slid 1,276.37 points, or 3.94%, to close at 31,104.97. Stocks fell sharply on Tuesday after a key August inflation report came in hotter than expected, hurting investor optimism for cooling prices and a less aggressive Federal Reserve.
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