JWEL:CC - Dow Ends 4-Session Streak on Inflation Fears
Stocks fell Wednesday as recession concerns weighed on Wall Street, even as traders assessed the release of cooler-than-expected inflation data.
The Dow Jones Industrials stepped back 38.29 points to conclude Wednesday at 33,646.50.
The S&P 500 retreated 16.99 points to 4,091.95.
The NASDAQ sagged 102.54 points to 11,929.34.
Richmond Federal Reserve President Thomas Barkin told reporters that, while peak inflation may be behind the U.S., “we still have a ways to go.”
Recession concerns continued to weigh on investors even as the March consumer price index came in cooler than expected, showing a rise of 0.1%. Economists polled by Dow Jones were expecting CPI to rise by 0.2% month over month.
The report could impact the Federal Reserve's rate decision come May. It may also cement the case for a stop to the central bank's rate-hiking regime, even though CPI was still up 5% year over year.
Minutes from the Federal Reserve's March policy meeting are also due out Wednesday, and slated to offer further clues into the mindset behind the central bank's 25-basis-point hike in the wake of Silicon Valley Bank's collapse and the turmoil that rattled the broader banking sector.
Prices for the 10-year Treasury gained, lowering yields to 3.40% from Tuesday's 3.43%. Treasury prices and yields move in opposite directions.
Oil prices improved $1.71 to $83.24 U.S. a barrel.
Gold prices rumbled higher $10.10 to $2,029.10 U.S. an ounce.