US Stock Market Closes Lower Following CPI Report
US stock indices closed lower on Tuesday as higher-than-expected inflation weighed on stocks and bonds following hawkish signals from Fed officials. The S&P 500 lost 0.4%, the Dow shed 158 points, and the Nasdaq declined 0.6%. A surprisingly high CPI reinforced expectations of a quarter-point December hike, with money markets pricing some chance of an even larger move and further hikes next year. Meanwhile, Anthropic is expected to begin trading as early as next week, seeking to raise up to $90 billion at a diluted valuation of around $1.4 trillion. The offering comes amid strong demand for AI services, though growing concerns over excessive capital expenditure have raised questions about the sustainability of the sector’s investment boom. Chipmakers were mostly lower, with Nvidia falling 5.5%, extending the previous session’s losses, while Micron shed 1.1%. Hyperscalers also declined, with Microsoft losing 2.2% and Oracle retreating 1.5%.
US stock indices closed lower on Tuesday as higher-than-expected inflation weighed on stocks and bonds following hawkish signals from Fed officials. The S&P 500 lost 0.4%, the Dow shed 158 points, and the Nasdaq declined 0.6%. A surprisingly high CPI reinforced expectations of a quarter-point December hike, with money markets pricing some chance of an even larger move and further hikes next year. Meanwhile, Anthropic is expected to begin trading as early as next week, seeking to raise up to $90 billion at a diluted valuation of around $1.4 trillion.
The offering comes amid strong demand for AI services, though growing concerns over excessive capital expenditure have raised questions about the sustainability of the sector’s investment boom. Chipmakers were mostly lower, with Nvidia falling 5.5%, extending the previous session’s losses, while Micron shed 1.1%. Hyperscalers also declined, with Microsoft losing 2.2% and Oracle retreating 1.5%.