Stocks are down today and investors wondering why are in the right place as we have the answer to that question!
The news behind why stocks are down today has to do with the latest Consumer Price Index (CPI) data for January. Inflation for the month was up 3.1% year-over-year (YOY) and increased by 0.3% from December 2023.
To put that in perspective, Wall Street was expecting January inflation to only increase 2.9% from the same period of the year prior. Experts were also only predicting a 0.2% increase from the previous month.
That matters to markets as investors have been hoping for better inflation data. That would allow the Federal Reserve to enact interest rate cuts after raising rates to combat inflation. Now, it looks like the market isn’t going to see as many interest rate reductions as traders were hoping for this year.
Let’s check out how the major stock indices are reacting to this news below!
Stocks Down Today: Major Indices Fall
- The S&P 500 starts us off on Tuesday with a 0.09% decrease as of this morning.
- The Nasdaq Composite is also falling 0.3% today alongside the CPI report.
- Bucking that trend is the Dow Jones Industrial Average with its 0.33% increase on Tuesday morning.
Traders who want breakdowns on even more of the latest stock market news today will want to stick around!
We have coverage of all the biggest stock market stories that investors need to know about on Tuesday! That includes new analyst coverage of NextEra Energy (NYSE:NEE) stock, an increased price target for Nvidia (NASDAQ:NVDA) stock and why shares of Polished.com (NYSEMKT:POL) stock are falling this morning. All of that news is available at the following links!
More Tuesday Stock Market News
- Evercore ISI Is Warming Up to NextEra Energy (NEE) Stock
- UBS Just Upped Its Nvidia (NVDA) Stock Price Target
- Why Is Polished.com (POL) Stock Down 33% Today?
On the date of publication, William White did not hold (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
