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Dow Drops For A Second Day

As traders processed a hotter-than-expected August core inflation print, the Dow Jones Industrial Average dropped on Wednesday.

For the second straight decrease, the Dow dropped by 70 points, or 0.2%. The Nasdaq Composite rose 0.3%, and the S&P 500 gained 0.1%.

In the 30-stock Dow, 3M was the greatest underperformer, falling more than 5%. Shares of Caterpillar fell by over 2%.

Compared to expectations of 0.2% and 4.3%, August’s core inflation print for the consumer price index climbed by 0.3% and 4.3%, respectively. The core figure is the statistic that Federal Reserve policymakers pay greater attention to because it gives a more accurate picture of long-term inflation trends.

In the meantime, the headline figures increased 0.6% last month and were up 3.7% from a year earlier. According to economists surveyed by Dow Jones, 0.6% and 3.6% growth were anticipated.

Source (CNBC)

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