US: Stocks fall as Nasdaq retreats from record
WALL Street stocks fell on Thursday, with the Nasdaq retreating below 20,000 points following a US inflation report that topped expectations.
US wholesale inflation came in at 0.4 per cent last month, seasonally adjusted, up from 0.3 per cent in October and higher than projected.
Despite the inflation report, markets continued to bet that the Federal Reserve will cut interest rates later this month.
“Right now we’re seeing profit-taking after a big day,” said Sam Burns, chief strategist at Mill Street Research, who viewed the inflation report as unlikely to shift the Fed’s thinking.
The tech-rich Nasdaq Composite Index, which closed above 20,000 for the first time on Wednesday, dropped 0.7 per cent to 19,902.84.
The Dow Jones Industrial Average declined 0.5 per cent to 43,914.12, while the broad-based S&P 500 also shed 0.5 per cent to 6,051.25.
US stock indices have scored repeat records since Donald Trump won the Nov 5 presidential election. The Republican took a victory lap on Thursday morning, ringing the opening bell at the New York Stock Exchange.
Among individual companies, Adobe tumbled 13.7 per cent on disappointment over the software giant’s forecast for next year.
But Warner Bros Discovery surged 15.4 per cent as it announced a reorganisation, with one major division focused on operating television networks and the other focused on streaming and movie studios. AFP
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