Inflation unexpectedly surges, shattering hopes for Fed rate cuts & sending stocks down. Core inflation also exceeded expectations. No sector escapes losses, with real estate hit hardest.
Stocks edged lower during midday trading on Tuesday as traders maintained a cautious stance in anticipation of the highly awaited Consumer Price Index (CPI) report scheduled for Wednesday, which could offer crucial insights into the potential course of actions by the Fed.
It’s a lackluster trading session on Wall Street, with the main indices experiencing slight declines as traders adopt a cautious stance ahead of a data-heavy week.