US stocks fall amid anxiety over upcoming price data
Wall Street ended in negative territory on Tuesday as growing signs of recession kept buyers out of the equities market ahead of inflation data. All three major US stock indexes seesawed between modest gains and losses earlier in the session, but they turned sharply lower late in the day as Wednesday's Consumer Prices report from the Labor Department drew near, with big bank earnings also looming later in the week. "(Investors are) waiting to hear what happens with CPI and earnings," said Brent Schutte, chief investment officer at Northwestern Mutual Wealth Management Company, in Milwaukee, Wisconsin. "For several months we've swung back and forth between inflation fears and recession fears, almost on a daily basis." "We have really confused investors who have chosen to go on a buyers strike," Schutte added. "I don’t hear many people saying 'buy the dip.'" While the CPI report is expected to show inflation gathered heat in June, the so-called "core" CPI, which strips away volatile food and energy prices, could offer further confirmation that inflation has peaked, which may convince the Federal Reserve to ease on its policy tightening in autumn. The Dow Jones fell 0.62%, to 30,981, the S&P 500 lost 0.92% to 3,818 and the Nasdaq dropped 0.95%, to 11,264.  Among the few stocks to buck the downward trend, Boeing jumped 7.4% after its June aircraft deliveries hit their highest monthly level since March 2019. (Reuters)