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US markets end mostly in red on Monday

12 Mar 2024 Evaluate

The US markets ended mostly in red on Monday amid uncertainty about the outlook for interest rates ahead of the release of key inflation data in the coming days. The Labor Department is scheduled to release its closely watched report on consumer price inflation in the month of February on Tuesday. Street currently expects consumer prices to climb by 0.4 percent in February after rising by 0.3 percent in January. Core consumer prices, which exclude food and energy prices, are expected to rise by 0.3 percent in February following a 0.4 percent increase in January. Meanwhile, the annual rate of consumer price growth is expected to come in unchanged from the previous month at 3.1 percent, while annual core consumer price growth is expected to slow to 3.7 percent from 3.9 percent.

The consumer price inflation data could have a significant impact on the outlook for interest rates, with Federal Reserve officials saying they need greater confidence inflation is slowing before they consider cutting rates. While the Fed is widely expected to leave rates unchanged at its monetary policy meeting next week, the data could impact expectations regarding when the central bank will eventually lower rates. On the sectoral front, despite the recovery attempt by the broader markets, semiconductor stocks still saw significant weakness on the day, with the Philadelphia Semiconductor Index falling by 1.4 percent. Within the sector, semiconductor equipment maker Applied Materials (AMAT) slumped by 2.0 percent despite raising its quarterly cash dividend from $0.32 to $0.40 per share.

Nasdaq dropped 65.84 points or 0.41 percent to 16,019.27 and S&P 500 was down by 5.75 points or 0.11 percent to 5,117.94, while Dow Jones Industrial Average rose 46.97 points or 0.12 percent to 38,769.66. 


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