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Wall Street snaps 3-day winning streak ahead of the inflation data

stocks fall

The three US benchmark indices paused a three-day rally on Thursday as investors are cautious about the upcoming US November CPI data.

The Dow Jones Industrial Average edged lower, the S&P 500 fell 0.71%, and Nasdaq slid 1.71%. The Russell 2000 declined 2%. 8 out of 11 sectors finished lower in S&P 500.

The consumer discretionary and tech sectors led the broader markets losses as it is widely expected the ongoing high inflation will strengthen the Fed's faster tapering plan.

The EV makers' share prices tumbled. Tesla Motor was down 5.61%, to 1005.90, Rivian Automotive fell 5.12%, and Lucid Group slumped 17.37%. The chipmakers fell for the second straight day.

Nvidia and AMD declined 3.76% and 4.89% respectively. All of the Mega-cap companies finished less than 1% lower but Meta Platform was up 0.1%. Consumer staples and healthcare stocks outperformed the S&P 500 as investors see the two sectors as defensive assets.

According to a Bloomberg survey, the US consumer price will increase 0.7% monthly and 6.7% from a year ago, which will be the highest since 1982.

The Fed Chairman Powell has thrown a bomb a week earlier that he would consider accelerating tapering on the bond-buying size and the decision will be put into a discussion at the next meeting on the 14-15th December.

The 10-year US Treasury yield fell to 1.489%.

WTI crude oil futures price fell 2.53%, to $70.52.

Gold futures slid $9.2, to $1,776.3 per ounce, pressed by the strong dollar.

The VIX rose 8.44%, to 21.58%.


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