Stock Market News, Feb. 13, 2024: Dow Drops More Than 500 Points After Inflation Data

Stocks finished in the red Tuesday after data showed inflation didn’t ease as much as expected last month.

The report showed consumer prices rose 3.1% in January from a year earlier. That was a cooldown from December, but more than the 2.9% increase economists polled by The Wall Street Journal expected.

The numbers did little to clarify how soon the Federal Reserve might start cutting rates. Fed Chair Jerome Powell has stressed that officials want to see more evidence that inflation is returning to their 2% target.

On the earnings front, Lyft shares surged following its results after the market close. Coca-Cola was among the companies that reported this morning.

Read the day’s full markets roundup here.

As of late Tuesday:

Stocks fell. The three major U.S. stock indexes closed lower, with the Nasdaq leading the declines. The Dow industrials shed more than 500 points. All three are up for the year.

The losses were widespread, with every sector of the S&P 500 finishing lower.

Nvidia shares also slipped, but closed with a market cap above’s.

Vizio stock jumped after the Journal reported Walmart is in talks to buy the smart-TV maker.

The yield on the 10-year Treasury note rose after the inflation report to settle at 4.315%.

Bitcoin hovered around $49,000, after rising above $50,000 Monday for the first time in more than two years.

European stocks fell, while markets in China and Hong Kong were closed for holidays. The Nikkei hit a fresh 34-year high.

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