Big tech losses pull US stock market down as inflation gauge ticks higher on Wednesday.
Wall Street experienced a rocky Wednesday morning as losses in Big Tech stocks countered broader market gains as a key inflation gauge ticked higher.What Are the Big Tech Losses?Ahead of the inflation report, despite a largely positive performance across most sectors, heavyweight technology companies like Nvidia and Microsoft dragged the S&P 500 down by 0.1 percent. Meanwhile, the Dow Jones Industrial Average inched up 61 points, or 0.
7 percent the previous month. Economists view core inflation as a critical indicator of longer-term price trends, making this uptick particularly noteworthy.Although inflation has significantly receded from its peak of 7 percent in mid-2022, core inflation has stubbornly hovered at 2.8 percent since February. Price pressures remain concentrated in service sectors, with apartment rents, dining out and insurance for cars and homes driving costs higher.The report also highlighted a resilient U.S.
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