S&P 500 dips, Nasdaq higher after data shows moderate inflation rise
The Dow Jones Industrial Average falls 443.87 points, or 0.86%, to 50,906.05.
Nasdaq and S&P 500 showed contrasting performances on September 29 as a milder-than-expected inflation report dampened hopes for an October rate hike by the Federal Reserve. The PCE index rose 3.4% annually in August, below economist estimates, while GDP growth for Q2 was revised to a 2.2% annualized rate, driven by strong consumer spending and AI infrastructure investments.
Inflation concerns were fueled by high crude oil prices from the US-Iran conflict and elevated diesel costs. Despite the cooling inflation expectations, investors grew wary of the potential impact of higher interest rates on the bond market, credit availability, and corporate profitability. The S&P 500 dipped 0.25% to 7,651.54, while the Nasdaq rose 0.24% to 26,861.06.
The Dow Jones slipped 0.86% to 50,906.05, marking the second straight quarterly decline for the index. Analysts noted that the market's focus was on the economy's continued growth and profitability amidst the elevated interest rate environment.
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- US stocks: S&P 500 dips, Nasdaq higher after data shows moderate inflation rise businesstimes.com.sg
- S&P 500 dips, Nasdaq higher after data shows moderate inflation rise freemalaysiatoday.com
