• Thu. Feb 29th, 2024

Mixed Markets: US Stocks Fall on Inflation Data, Oil Prices Rise Amid Middle East Uncertainty


Feb 13, 2024
Today’s World Markets: US stocks slide as inflation data lowers expectations for rate cuts; S&P 500, Nasdaq drop more than 1%

On Tuesday, US stocks took a hit at the opening bell after disappointing inflation data was released. The Dow Jones Industrial Average fell by 98.21 points or 0.25%, while the S&P 500 opened lower by 53.90 points or 1.07%, and the Nasdaq Composite dropped by 343.67 points or 2.16%. Shares of Microsoft and Nvidia lost 2.3% and 2.1% respectively due to this data release.

Inflation data caused Treasury yields to jump as well, with the 10-year Treasury rate rising to 4.25% and the 2-year yield leaping to 4.57%. Meanwhile, Asia’s stock markets were mixed, with Japan’s Nikkei 225 edging up by 2.9%, but Hong Kong’s Hang Seng Index and China’s Shanghai Composite were closed for a holiday.

Oil prices also rose due to uncertainties over fighting in the Middle East, with Brent futures up by 54 cents to $82.54 a barrel and US West Texas Intermediate (WTI) crude up by

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