US stocks drift after inflation data

Benchmark US indices retreated on Tuesday, September 14, after the latest economic data showed inflation grew at a slower pace in August, renewing the focus on Fed's stimulus tapering talks.

The S&P 500 was down 0.57% to 4,443.05. The Dow Jones fell 0.84% to 34,577.57. The NASDAQ Composite shed 0.45% to 15,037.76, and the small-cap Russell 2000 was down 1.37% to 2,209.98.

The consumer price index (CPI) rose 0.3% in August after increasing 0.5% in July, the Labor Department said on Tuesday. It was the lowest increase in six months. However, the CPI rose to 5.3% annually. Last week's data also showed that the Producer Price Index was at its highest level.

The trader's focus will now be on Fed’s two-day meeting starting Sep 21. The central bank officials are expected to discuss their monetary policy, including stimulus tapering, at the monthly meeting.

On Tuesday, all the S&P 500 segments ended in the red. Financial and industrial stocks were the top losers. Stock indices saw losses in September as the delta variant wreaked havoc in the communities.

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Stocks of casino companies Las Vegas Sands Corp. (LVS) and Wynn Resorts, Ltd (WYNN) plunged after the Macau government said it might tighten gaming rules. The LVS stock slipped 10.22%, while WYNN stocks tumbled 10.80% in intraday trading.

Comcast Corporation's (CMCSA) stock fell 6.76% after CFO Mike Cavanagh said that the subscriber growth in the cable business slowed last month.

Stocks of FuelCell Energy, Inc. (FCEL) jumped 14.32% after reporting quarterly earnings before the opening bell on Tuesday. Its revenue rose by 43% YoY to US$26.82 million in Q3, FY21, while the gross profit was US$1.10 million during the period.

In the financial sector, Berkshire Hathaway Inc. (BRK-B) decreased by 1.08%, JPMorgan Chase & Co. (JPM) declined 1.87%, and the Bank of America Corporation (BAC) tumbled 2.80%. Morgan Stanley (MS) and Citigroup Inc. (C) ticked down 2.51% and 2.69%, respectively.

In industrial stocks, United Parcel Service, Inc. (UPS) fell 1.72%, Honeywell International Inc. (HON) dipped 1.56%, and Union Pacific Corporation (UNP) declined 1.90%. Deere & Company (DE) and Caterpillar Inc. (CAT) tumbled 1.52% and 2.04%, respectively.

In the technology sector, Apple Inc. (AAPL) dipped 0.94%, Oracle Corporation (ORCL) fell 2.63%, and Shopify Inc. (SHOP) declined 1.65%. On the other hand, ASML Holding N.V. (ASML) and Microsoft Corporation (MSFT) advanced 1.94% and 1.03%, respectively.

Also Read: 5 taper-proof stocks to keep an eye on after Fed’s stimulus rollback

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Also Read: Oracle (ORCL) stock dips, FuelCell (FCEL) rallies as earnings shine

Top Gainers

Top performers on S&P 500 included Zimmer Biomet Holdings Inc (4.74%), Steris plc (2.73%), Teleflex Inc (2.54%), Perrigo Company PLC (2.40%). On NASDAQ, top performers were Communications Systems Inc (39.41%), Cyren Ltd (26.73%), Gaucho Group Holdings Inc (25.80%), Calumet Specialty Products Partners LP (17.43%). On Dow Jones, Microsoft Corp (0.94%), Salesforce.Com Inc (0.10%), Coca-Cola Co (0.07%), Mcdonald's Corp (-0.03%) were the leaders.

Top Losers

Top laggards on S&P 500 included Wynn Resorts Ltd (-10.85%), Las Vegas Sands Corp (-9.75%), Comcast Corp (-7.30%), DISH Network Corp (-5.11%). On NASDAQ, Aterian Inc (-39.04%), Inc (-38.22%), Virpax Pharmaceuticals Inc (-36.82%), Redhill Biopharma Ltd (-32.66%). On Dow Jones, Walgreens Boots Alliance Inc (-1.95%), Caterpillar Inc (-1.88%), Chevron Corp (-1.81%), Dow Inc (-1.76%) were the laggards.

Volume Movers

Top volume movers were Apple Inc (22.02M), Comcast Corp (17.99M), Bank of America Corp (12.60M), Wells Fargo & Co (9.71M), Fuelcell Energy Inc (26.92M), aTyr Pharma Inc (16.58M), Farmmi Inc (15.77M), Aterian Inc (13.83M), Cyren Ltd (10.38M), Vinco Ventures Inc (9.50M).

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Futures & Commodities

Gold futures were up 0.67% to US$1,806.45 per ounce. Silver increased by 0.33% to US$23.875 per ounce, while copper fell 1.20% to US$4.3145.

Brent oil futures increased by 0.50% to US$73.88 per barrel and WTI crude was up 0.43% to US$70.75.

Bond Market

The 30-year Treasury bond yields was down 2.28% to 1.861, while the 10-year bond yields fell 2.92% to 1.285.

US Dollar Futures Index decreased by 0.01% to US$92.645.