U.S. stocks limped lower on Thursday, and the Dow erased meager gains in the final minutes of trade, ahead of an important read of consumer inflation that could deliver a fresh jolt to financial markets. Investors have moved from jitters over the impact of the omicron variant of the coronavirus that causes COVID-19 to concerns about super-charged inflation, which could influence the Federal Reserve’s plan to tighten monetary policy. The consumer-price index will be released at 8:30 a.m. ET on Friday.
The S&P 500 slipped Thursday following a three-day rally as investors weighed up positive labor market data ahead of Friday’s inflation report that could intensify expectations for a faster pace of Federal Reserve monetary policy tightening.
The S&P 500 fell 0.71%, the Dow Jones Industrial Average was flat, the Nasdaq fell 1.7%.
“The broader market is taking a breather after the run up over the last four days going into tomorrow’s consumer price index report,” David Wagner, portfolio manager at Aptus Capital Advisors told Investing.com in an interview on Thursday.
Economists forecast that the CPI Index for November rose 6.8%, up from 6.2%, led by a sharp increase in rising rents. That would the fastest pace of inflation since 1990.
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