Subscribe To Our Free Newsletter |
US stocks slump on elevated CPI data, DOW loses 1.4%
The US stocks slumped yesterday, falling after recent surge as traders looked at the interest rate narrative in a different manner following a higher-than-expected consumer inflation reading. The surge in prices pushed back market expectations of imminent interest rate cuts, driving US Treasury yields higher. US Consumer Price Index rose by 3.1% for the 12 months ended in January, according to Bureau of Labor Statistics data released Tuesday. That marks a step back from December's 3.4% rate and a dramatic cooling from the 6.4% increase seen in January 2023.