US stocks drop as core inflation rises, Dow Jones at 4-week low, Nasdaq stable

From Nasdaq: 2024-09-11 14:42:59

Stocks saw a drop today, with the Dow Jones hitting a 4-week low as core consumer prices rose +3.2% y/y, affecting potential Fed rate cuts. The Nasdaq 100 held up due to strength in chip stocks. US MBA mortgage applications rose +1.4% as rates dropped to a 19-month low. Overseas markets are mixed, with Euro Stoxx 50 up +0.42% and Shanghai Composite at a 7-month low. Interest rates rose slightly due to the release of the US core CPI report.

In light of last night’s debate, odds of Vice President Harris winning the presidency rose to 56%. PredictIt shows a 100% chance of a -25 bp rate cut in the upcoming FOMC meeting. European government bonds dropped as swaps anticipate a -25 bp rate cut by the ECB at their upcoming meeting. Stock movers include chip stocks like Nvidia and Trump Media & Technology dropping -16%. GameStop declined after missing Q2 sales estimates. Albemarle leads in the S&P 500, while Dave & Buster’s reported strong Q2 results. Earnings reports for 9/11 include Designer Brands Inc, Oxford Industries Inc, and Vera Bradley Inc.



Read more at Nasdaq: Stocks Undercut as US Core Inflation Fails to Decline