Wall Street closed lower on Tuesday, ending a multi-day rally of consecutive record closing highs as profit-taking and worries over ongoing inflation fueled a broad sell-off.
All three major U.S. stock indexes lost ground, marking the conclusion of an eight-session streak of all-time closing highs set by the S&P 500 and the Nasdaq.
The Dow Jones Industrial Average fell 112.24 points, or 0.31%, to 36,319.98, the S&P 500 lost 16.45 points, or 0.35%, to 4,685.25 and the Nasdaq Composite dropped 95.81 points, or 0.6%, to 15,886.54.
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Wednesday’s CPI report will be scrutinized for clues regarding the extent to which producer prices are being passed along to the consumer, whose spending represents about 70% of the U.S. economy.
European stocks close lower as traders digest U.S. inflation data; AB Foods up 8%
European stocks closed lower Tuesday, as investors assessed a key reading of U.S. inflation data.
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The pan-European Stoxx 600 closed down by 0.2% provisionally, having earlier been in positive territory. Basic resources shares slid 1.2%, while the retail sector was up 1.2%.
The U.S. October producer price index came in as expected Tuesday, with PPI rising 0.6% month over month, in line with estimates. The consumer price index, slated for Wednesday, will also be closely watched.
Reference: CNBC, Reuters
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