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Wall Street indices witnessed a sharp decline on Friday, October 14, dragged down by the still-elevated inflation data that has poured water on investors' hopes that the Federal Reserve may ease its aggressive plans in the coming months.
The S&P 500 fell 2.37 per cent to 3,583.07. The Dow Jones was down 1.34 per cent to 29,634.83. The NASDAQ Composite lost 3.08 per cent to 10,321.38, and the small-cap Russell 2000 fell 2.66 per cent to 1,682.40.
The latest CPI data by the Labor Department showed that the inflation has still remained at a higher level, while the core inflation has advanced at its highest pace since August 1982.
The market has been going through volatile trading so far amid a flurry of macroeconomic headwinds dampening the traders' sentiment. On the other hand, the soaring prices and restrictive measures by the Federal Reserve have spurred fears over a potential recession. Investors now anticipate another big hike at Fed's next meeting in September.
On Friday, October 14, 10 of the 11 segments of the S&P 500 index stayed in the negative territory, with consumer discretionary and energy as the bottom movers. Only the communication services sector stayed in the green.
Shares of JPMorgan Chase & Co. (JPM) rose over one per cent in the intraday session on Friday, October 14, after the company's financial firm reported its latest quarter earnings results that may have topped the market expectations.
Another financial firm, Wells Fargo & Company (WFC) gained more than two per cent in the intraday trading session on Friday, October 14, following the announcement of its recent quarter financial results.
The leading healthcare company by market cap, UnitedHealth Group Incorporated (UNH) added about one per cent after the company posted its latest quarter earnings results while lifting its annual earnings guidance.
In the energy sector, Exxon Mobil Corporation (XOM) decreased by 2.47 per cent, Chevron Corporation (CVX) fell by 2.89 per cent, and Shell plc (SHEL) plunged by 3.12 per cent. ConocoPhillips (COP) and Equinor ASA (EQNR) plummeted 3.87 per cent and 4.95 per cent, respectively.
In consumer discretionary stocks, Amazon.com, Inc. (AMZN) declined five per cent, Tesla, Inc. (TSLA) slipped 7.55 per cent, and The Home Depot, Inc. (HD) slumped 2.08 per cent. Toyota Motor Corporation (TM) and Nike, Inc. (NKE) lost 1.62 per cent and 2.18 per cent, respectively.
Futures & Commodities
Gold futures were down 1.68 per cent to US$1,648.75 per ounce. Silver decreased by 3.98 per cent to US$18.165 per ounce, while copper fell 0.96 per cent to US$3.4075.
Brent oil futures decreased by 2.92 per cent to US$91.81 per barrel and WTI crude was down 3.75 per cent to US$85.77.
Bond Market
The 30-year Treasury bond yields were up 1.44 per cent to 3.990, while the 10-year bond yields rose 1.79 per cent to 4.025.
US Dollar Futures Index increased by 0.82 per cent to US$113.170.
