U.S. stocks continue their downward trajectory on Wednesday, failing to reverse their negative momentum, as investors approach Thursday’s inflation data release with caution.
The Nasdaq 100 briefly touched its lowest point since July 11, experiencing a 1% drop as of midday trading.
Reviving concerns about inflation is the recent surge in energy prices. WTI crude oil has surged back to $83 per barrel, marking its highest level since November 2022, while natural gas surged by over 6%, hitting its highest level since the end of January 2023.
Economists are anticipating a rise in the annual inflation rate for July, with expectations moving from 3% to 3.3%. This would end a one-year stretch of declining prints in the annual CPI rate.
Cues From Wednesday's Trading:
The S&P 500 fell 0.6%, while the Dow Jones Industrial eased 0.4%. Tech and small caps were once again the weakest link in the stock market: the Nasdaq 100 and the Russell 2000 fell 1% and 0.9%, respectively.
US Index Performance On Wednesday
Latest Economic Data:
The Mortgage Bankers Association reported a dip in its mortgage application volume by 3.1% last week, marking the third consecutive week of declines. The 30-year fixed mortgage rate rose to 7.09%, the highest since November 2022.
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Stocks In Focus:
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