From Nasdaq:

U.S. stocks fell as of Thursday, as news of hotter-than-expected inflation and signs of labor market strength hurt early hopes for interest rate cuts by the Federal Reserve. At the opening, the S&P 500 briefly surpassed its record closing high before giving up gains.

After a strong ending to 2023, stocks have been struggling for momentum this year with the S&P 500 slightly negative for the year. The Labor Department reported higher consumer prices in December, while new claims for unemployment benefits unexpectedly fell to 202,000.

Market experts note that the inflation report indicates the market may have been overly ambitious with expectations for rate cuts, but some believe conditions will align for Fed cuts around mid-year. Some Fed officials, however, have pushed back on potential rate cuts.

Most sectors of the S&P 500 declined, with only the energy and technology sectors in positive territory. Citigroup fell 2% after releasing a filing of $3.8 billion in combined charges and reserves.

The S&P index recorded 33 new 52-week highs and one new low, and the Nasdaq recorded 84 new highs and 127 new lows. Additionally, annual change in US Consumer Price Index and US unemployment claims are available through links.

Overall, the U.S. stock market fell as hotter-than-expected inflation and strong labor market data reduced hopes of early rate cuts by the Federal Reserve, leading to declines across sectors. Citigroup fell 2% due to the announcement of combined charges and reserves.



Read more: US STOCKS-Wall Street dips as inflation, labor market data dent rate cut hopes