Wall Street today: US stocks decline ahead of inflation data, Fed meet

Wall Street today: US stocks decline ahead of inflation data, Fed meet
Wall Street today: US stocks decline ahead of inflation data, Fed meet/AFP
Wall Street today: US stocks decline ahead of inflation data, Fed meet
Wall Street today: US stocks decline ahead of inflation data, Fed meet/AFP

Wall Street today: US stocks decline ahead of inflation data, Fed meet

Wall Street today: US stocks decline ahead of inflation data, Fed meet

Wall Street today: US stocks decline ahead of inflation data, Fed meet

US stocks declined on Tuesday as investors await crucial inflation data and the Federal Reserve’s policy decision.

The consumer price index (CPI) report for May and the conclusion of the Fed’s two-day policy meeting will be announced on Wednesday.

As of 10:01 a.m. Eastern, the Dow Jones Industrial Average fell 339 points, or 0.9 per cent and the Nasdaq slipped 0.3 per cent. The S&P 500 shed 0.5 per cent. 

At the opening bell, the Dow Jones Industrial Average fell 72.33 points, or 0.19 per cent, to 38,795.71. The S&P 500 was lower by 7.79 points, or 0.15 per cent, at 5,353.00, while the Nasdaq Composite dropped 32.10 points, or 0.19 per cent, to 17,160.42. 

The yield on the 10-year Treasury slipped to 4.44 per cent from 4.47 per cent late on Monday.

Apple stock climbed 4 per cent to hit a record high following its long-awaited AI strategy, presented at a developer conference.

Shares of banks including JPMorgan Chase & Co, Citigroup and Bank of America dropped more than 2 per cent.

Shares of Microsoft, Meta Platforms and Amazon.com fell between 0.4 per cent and 0.7 per cent.

Tesla dropped more than 3 per cent. 

Shares of General Motors gained 1.2 per cent after the automaker said its board approved a $6 billion stock buyback.

Fifth Third Bancorp fell 1.9 per cent after cutting its forecast for revenue growth.

Crude oil

Oil prices were steady on Tuesday as investors waited for US and China inflation data.

Brent crude futures gained 4 cents, or 0.1 per cent, to $81.67 a barrel by 1313 GMT. US West Texas Intermediate (WTI) crude futures lost 5 cents, or 0.1 per cent, to $77.69.

Bullion

Gold prices edged lower on Tuesday as the US dollar strengthened.

Spot gold was down 0.2 per cent at $2,307.10 per ounce, as of 1103 GMT. US gold futures fell 0.1 per cent to $2,324.00.

Spot silver fell 1.9 per cent to $29.20 per ounce.

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