US stocks fall following another hot inflation report
NEW YORK (AP) – Stocks fell broadly in afternoon trading on Wall Street Thursday after another hot reading on inflation has investors bracing for another big interest rate hike from the Federal Reserve later this month.
The S&P 500 fell 0.9%, the Dow Jones Industrial Average fell 1% and the Nasdaq fell 0.6%.
Banks were among the big losers after JPMorgan Chase reported a sharp drop in earnings for its latest quarter, falling short of forecasts.
Inflation at the wholesale level climbed 11.3% in June compared with a year earlier.
It follows a worrisome report on Wednesday showing prices at the consumer level remain high.
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7/14/2022 11:37:56 AM (GMT -5:00)