Wall Street Falls as Hot Inflation Spurs Rate Fears
Wall Street indexes retreated after a hotter October inflation reading reinforced fears that the Federal Reserve could keep interest rates higher for longer. Technology shares led the losses, weighed down by a decline in Nvidia following an internal probe involving its CEO.
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United States stock indexes fell Tuesday midday, reversing a two-day rebound after hotter-than-expected inflation data. The consumer price index rose 0.4% in October, pushing the United States 2-year yield up 21.4 basis points. Investors are now pricing in aggressive monetary tightening following the stronger price pressures.
