S&P Hits Fresh Low for the Year as CPI Data Loom: Markets Wrap
- US producer prices rose more than expected in September
- PepsiCo leads gains in consumer stocks after earnings beat
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US stocks fell with investors bracing for Thursday’s reading on consumer prices. Treasuries gained, while UK markets were roiled once again by confusion over the country’s policies.
The S&P 500 slipped into the red in the final minutes of trading, capping six days of losses to close at the lowest level since November 2020 and surpassing the previous low on Sept. 30. Equities faded a brief rally after minutes from the Federal Reserve’s last meeting suggested some officials may consider calibrating the pace of rate increases. The consumer price reading will be the last major data point before the central bankers meet next month.