Tech lags as inflation print keeps Fed rate cut on track
US stocks closed mixed on Wednesday as investors weighed fresh consumer inflation data that looked to keep the Federal Reserve on pace for another rate cut next month.
The tech-heavy Nasdaq Composite (^IXIC) reversed earlier gains to close down about 0.3% while the benchmark S&P 500 (^GSPC) finished the day just above the flatline. The Dow Jones Industrial Average (^DJI) moved about 0.1% higher.
Meanwhile, bitcoin (BTC-USD) prices continued their move to the upside, briefly touching a new milestone earlier Wednesday after topping a record $93,000 before paring gains.
Consumer prices rose largely as forecast in October, with the Consumer Price Index rising 2.6% year over year and 0.2% on a month-over-month basis, both meeting forecasts. Rises in "core" inflation — of 3.3% year over year and 0.3% month over month — also met estimates
US stocks closed mixed on Wednesday as investors weighed fresh consumer inflation data that looked to keep the Federal Reserve on pace for another rate cut next month.
The tech-heavy Nasdaq Composite (^IXIC) reversed earlier gains to close down about 0.3% while the benchmark S&P 500 (^GSPC) finished the day just above the flatline. The Dow Jones Industrial Average (^DJI) moved about 0.1% higher.
Meanwhile, bitcoin (BTC-USD) prices continued their move to the upside, briefly touching a new milestone earlier Wednesday after topping a record $93,000 before paring gains.
Consumer prices rose largely as forecast in October, with the Consumer Price Index rising 2.6% year over year and 0.2% on a month-over-month basis, both meeting forecasts. Rises in "core" inflation — of 3.3% year over year and 0.3% month over month — also met estimates