US stocks muted following mixed inflation data
The Dow declined and the Nasdaq rose Tuesday as markets digested US inflation data that contained a mixture of reassuring and problematic signs. The consumer price index reading rose 6.4 percent in January from a year ago, according to Labor Department data. Although this marks the smallest annual increase since October 2021, the level is well above policymakers' two percent target. Higher prices for food, shelter, energy and other items suggest that the hoped-for "disinflation" has not arrived, said Steve Sosnick, chief strategist at Interactive Brokers. But he described sentiment as broadly bullish. "Right now the momentum in the stock market is generally positive and stock traders are looking for an excuse to rally," Sosnick said. The Dow Jones finished down 0.5 percent at 34,089, the S&P 500 edged down less than 0.1 percent to 4,136, and the Nasdaq gained 0.6 percent to 11,960. Among individual companies, Marriott International jumped 4.0 percent after reporting higher profits on a 33 percent surge in revenues. Chief Executive Anthony Capuano said booking trends have stayed "robust" despite recession worries. Boeing climbed 1.3 percent after it sealed a deal to sell Air India 220 planes, as part of an expansion by the Indian carrier. Meanwhile, Palantir shot up 21.2 percent after the data analytics company announced its first profitable quarter since it was founded nearly 20 years ago. Earlier, the benchmark FTSE 100 shares index in London struck an all-time high of 7,996.35 points in morning deals after reaching new heights in recent sessions. (AFP)