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  3. US markets end mostly higher on Wednesday

US markets end mostly higher on Wednesday

14 Sep 2023 Evaluate

The US markets ended mostly higher on Wednesday as traders digested a highly anticipated report on consumer price inflation. The report said the consumer price index climbed by 0.6 percent in August after inching up by 0.2 percent in July. The increase matched expectations. Excluding food and energy prices, core consumer prices rose by 0.3 percent in August after edging up by 0.2 percent in July. Street had expected another 0.2 percent uptick. The Labor Department also said the annual rate of consumer price growth accelerated to 3.7 percent in August from 3.2 percent in July. The annual rate of growth was expected to accelerate to 3.6 percent. Meanwhile, the report said the annual rate of growth by core consumer prices slowed to 4.3 percent in August from 4.7 percent in July, in line with street estimates.

On the sectoral front, most of the major sectors ended the day showing only modest moves, contributing to the lackluster close by the broader markets. Airline stocks showed a substantial move to the downside, however, with the NYSE Arca Airline Index plunging by 3.3 to a four-month closing low. America Airlines (AAL) led the sector lower, plummeting by 5.7 percent after lowering its third quarter earnings guidance due to higher fuel costs and expenses related to a new labor agreement. Significant weakness was also visible among oil service stocks, as reflected by the 2.2 percent slump by the Philadelphia Oil Service Index. The index pulled back off its best closing level in over four years as the price of crude oil gave back ground after reaching a ten-month high.

Nasdaq rose 39.97 points or 0.29 percent to 13,813.59 and S&P 500 was up by 5.54 points or 0.12 percent to 4,467.44, while Dow Jones Industrial Average declined 70.46 points or 0.2 percent to 34,575.53.  


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