Investors wondering why stocks are down today have come to the right place as we have the answer to that question!
The reason why stocks are down today has to do with March Consumer Price Index (CPI) data. Inflation came in hotter than expected at 3.5% year-over-year, as compared to the estimated 3.4% for the month.
Investors will also note that the March CPI data shows that inflation increased by 0.4% compared to the February 2024 CPI inflation data. Experts were predicting a month-over-month increase of 0.3%.
That’s disheartening for investors who were hoping that inflation was cooling down. The idea was that falling inflation would result in the Federal Reserve easing up on its high interest rates. This latest data could see the Fed leave these rates unchanged all the way through July if not longer.
Let’s check out how the major stock indices are reacting to the March CPI data below!
Stocks Down Today: Major Indices Fall
- Starting us off is the S&P 500 with a 0.94% drop as of Wednesday morning.
- Next is the Dow Jones Industrial Average with a 1.2% decline as of this writing.
- Closing us out is the Nasdaq Composite with its 0.94% decrease on Wednesday.
Investors looking for even more of the most recent stock market stories are in the right place!
InvestorPlace is home to all of the hottest stock market news traders need to know about on Wednesday! A few examples include why shares of EVgo (NASDAQ:EVGO), Zillow (NASDAQ:Z) and SoundHound AI (NASDAQ:SOUN) stock are in the news today. All of that info is available at the following links!
More Wednesday Stock Market News
- What Does Expanded Plug & Charge Actually Mean for EVgo (EVGO) Stock?
- Why Jefferies Is Pounding the Table on Zillow (Z) Stock
- SOUN Stock Alert: The $150 Million Reason SoundHound AI Is Down Today
On the date of publication, William White did not have (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.
