As the CPI marched towards 9.1% in June, stocks ended lower.
An increase in interest rates of up to 100 bp later this month fuels concerns that the Fed will intensify its fight against inflation.
Following are the index declines S&P 0.45%, Nasdaq 0.15%, after CPI storms market.
The year-over-year increase in core CPI is 0.7%, reaching 5.9%.
10.66 billion shares were traded on exchanges, which is lower than the 12.56 billion average for the previous 20 trading days.
The Canadian central bank increased the interest rate by 2.5% on Wednesday.
There is about an 80% possibility that September will see another 75 BPS increase.
Microsoft is gearing up for the first layoff drive, where Tesla halted its Germany and China plant for 2 weeks!
Financial Times fears rates are expected to be raised to 3.5% by the end of the year.
Concerningly, the inflation rate for services, excluding energy, increased by 0.7% on a monthly basis and was up 5.5% from the same period last year.