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US Stocks Close Lower After Inflation Figures

10.04.2024 23:27

Precious metals down around 1%; US dollar index gains 1%

Major stock exchanges in the US closed Wednesday lower after consumer inflation figures for March came in higher than estimates.

The Dow Jones was down 422 points, or 1.09%, to end the day at 38,461. The S&P 500 fell 49 points, or 0.95%, to 5,160.

The Nasdaq, meanwhile, lost 136 points, or 0.84%, to 16,170.

Consumer inflation in March rose 3.5% annually, and increased 0.4% monthly, both coming in above market expectations, according to figures released earlier by the Bureau of Labor Statistics.

Core CPI, which excludes volatile food and energy prices, climbed 0.4% monthly and 3.8% annually in March, also coming in above market estimates.

The VIX volatility index, also known as the fear index, jumped 5.7% to 15.84. The 10-year US Treasury yield rose 4.3% to 4.550%.

The US dollar index increased 1% to 105.17, while the euro declined 1% to $1.0743 against the greenback.

Precious metals showed losses, with gold trimming 0.9% to $2,331 per ounce and silver dropping 1.1% to $27.86.

Oil prices rose more than 1.2%, with global benchmark Brent crude rising to $90.56 per barrel and US benchmark West Texas intermediate crude increasing to $86.31. -

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