Stocks edged lower on Wednesday as investors awaited a crucial inflation report set to be released later in the week.
The Dow Jones Industrial Average declined for the third consecutive day, dropping by 212 points, or 0.5%. The S&P 500 saw a slight decrease of 0.3%, while the Nasdaq Composite slipped by 0.4%.
Leading the decline in the Dow was UnitedHealth, which lost nearly 4%. Intel and Nike also saw losses of over 1%. Meanwhile, Urban Outfitters recorded an 8.4% drop in share price following disappointing fourth-quarter results.
Investors are eagerly anticipating the personal consumption expenditure (PCE) reading for January on Thursday, as this is the Federal Reserve’s preferred measure of inflation.
“A positive surprise in PCE inflation would provide reassurance to the markets regarding potential future fed funds rate cuts, as a more accommodative monetary policy could help mitigate financial risks,” stated Morgane Delledonne, the head of investment strategy at Global X ETFs, in a recent note.
Source (CNBC)
