U.S. stocks were lower in afternoon trading Wednesday, led by a more than 2% decline in the Nasdaq after U.S. consumer price index (CPI) data did little to ease investor worries over the outlook for inflation and interest rates.
The Labor Department's monthly report suggested inflation may have peaked in April but is likely to stay strong enough to keep the Federal Reserve on top of cooling it down.
The CPI increased 0.3% last month, the smallest gain since last August, while economists polled by Reuters had forecast consumer prices gaining 0.2% in April."There was not enough of a positive surprise to underpin the market," said Quincy Krosby, chief equity strategist at LPL Financial in Charlotte in North Carolina.
"This is a market still trying to come to grips with whether the Fed is going to be able to rein in inflation early on."
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