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Benchmark US indices fell sharply on Thursday, February 10, after the latest economic data showed inflation rose to 7.5% in January and bond yields rose over 2% in intraday trading.
The S&P 500 fell 1.81% to 4,504.08. The Dow Jones fell 1.47% to 35,241.59. The NASDAQ Composite declined 2.10% to 14,185.64, and the small-cap Russell 2000 fell 1.80% to 2,046.01.
On Thursday, the Labor Department said the US consumer price index (CPI) rose 7.5% YoY in January, the highest level since February 1982. The spike follows an annual increase of 7% in December. The core price index that excludes food and energy surged 6% YoY in January.
Economists anticipated Fed rate hikes in March at 50 basis points or more after the CPI data. Some expected at least four rate hikes instead of three this year to tame the high inflation.
Meanwhile, in a separate report, the Department said the initial unemployment benefits claims fell by 16,000 to a seasonally adjusted 223,000 for the week ended February 5.
Ten out of 11 stock segments of the S&P 500 declined on Thursday. Utilities, real estate, and technology sectors were the hardest hit. The consumer staples segment closed in the green.
Walt Disney Company (DIS) stock jumped over 3% a day after reporting strong earnings. It added 11.8 million new subscribers to its Disney+ streaming service.
Twitter, Inc. (TWTR) stock fell over 1.4% after its revenue guidance fell short of estimates.
PepsiCo, Inc. (PEP) stock plunged 2% after announcing a US$10 billion stock buyback program. The company anticipated rising operating costs this year.
Uber Technologies, Inc. (UBER) stock declined more than 6.9% after reporting strong fourth-quarter and full-year earnings. Its gross booking increased by 51% YoY.
In the utility sector, Duke Energy Corporation (DUK) stock plunged 4.57%, Southern Company (SO) fell 3.13%, and Dominion Energy (D) decreased by 2.49%. Exelon Corporation (EXC) fell 1.30%, and American Electric Power Company Inc. (AEP) decreased by 2.17%.
In the real estate sector, Prologis Inc. (PLD) stock fell 4.35%, American Tower Corporation (REIT) (AMT) declined 2.75%, and Crown Castle International Corp. (REIT) (CCI) was down 3.32%. Public Storage (PSA) and Equinix Inc. (EQIX) plunged 2.62% and 4.12%, respectively.
In the technology sector, Apple Inc. (AAPL) stock fell 2.48%, Microsoft Corp. (MSFT) stock declined 2.94%, and Nvidia Corporation (NVDA) was down 3.51%. ASML Holding N.V. (ASML) and Broadcom Inc. (AVGO) decreased by 3.67% and 3.44%, respectively.
The global cryptocurrency market was down 2.86% to US$1.99 trillion, as per coinmarketcap.com at 4:01 pm ET. Bitcoin (BTC) price fell 1.33% to US$44,127.13 in the last 24 hours.
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Futures & Commodities
Gold futures declined 0.48% to US$1,827.65 per ounce. Silver futures decreased by 0.56% to US$23.210 per ounce, while copper futures rose 0.24% to US$4.6135.
Brent oil futures decreased by 0.28% to US$91.29 per barrel and WTI crude futures were up by 0.40% to US$90.02.
Bond Market
The 30-year Treasury bond yields increased 4.58% to 2.334, while the 10-year bond yields were up 6.49% to 2.052.
US Dollar Futures Index surged 0.17% at US$95.660.
