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US stocks were largely lower on Wednesday as investors digested a hotter-than-expected January inflation reading and investors pared back bets on Federal Reserve interest rate cuts in 2025.
The Dow Jones Industrial Average (^DJI) dropped 0.5%, while the benchmark S&P 500 (^GSPC) slipped nearly 0.3%. The tech-heavy Nasdaq Composite (^IXIC) finished just above the flatline.
The Consumer Price Index (CPI) out Wednesday showed headline consumer inflation rose more than forecast in January. "Core" prices — which strip out the more volatile costs of food and gas — reversed the previous month’s easing, up 0.4% over last month and 3.3% over last year, with both rates higher than in December.
The surprise inflation print pushed back investor bets on interest-rate cuts in 2025. As of Wednesday, traders were pricing just one interest-rate cut, after pricing in two for most of the year. The 10-year Treasury yield (^TNX) added 10 basis points to hit just shy of 4.64%, its highest level in more than two weeks, following the inflation data.
A fresh batch of earnings provided some clues to Corporate America’s resilience. Kraft Heinz (KHC) shares slid after the packaged food maker’s 2025 profit outlook fell short. But CVS Health (CVS) stock got a boost as investors welcomed a smaller drop in quarterly profit than expected.
On the after-hours docket, Reddit (RDDT) results come amid sky-high Wall Street expectations. Robinhood’s (HOOD) report is also in focus after the stock touched a three-year high.
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