Stock Traders Shun Risk in Run-Up to Key CPI Test: Markets Wrap
- US sells 10-year notes with yield under 4% as demand persists
- European gas surges 28%; crude oil hits nine-month high
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A slide in big tech and higher energy prices weighed on Wall Street sentiment ahead of inflation data that will help shape the outlook for the Federal Reserve’s next steps.
The S&P 500 closed near session lows and the Nasdaq 100 dropped over 1%. Nvidia Corp., which has more than tripled this year amid the artificial-intelligence frenzy, slipped almost 5%. Tesla Inc., Apple Inc. and Amazon.com Inc. were all down. A 28% surge in European natural gas and an advance in oil to a nine-month high added to concern about further price pressures.