Amazon.com, Inc. AMZN, Apple Inc AAPL and Microsoft Corporation MSFT are all trading lower by 4.42% to $107.91, 1.85% to $135.78 and 1.57% to $222.20, respectively, Thursday morning. Shares of companies across the broader technology sector are falling Thursday after September CPI data showed worse-than-expected inflation. This has driven a risk-off sentiment and has also raised the potential for further Fed policy tightening to curb inflation.
Inflation remains the central bank's top priority, according to the September meeting minutes released Wednesday by the Federal Open Market Committee. Continued hawkish Fed policy could drive an economic slowdown, which would negatively impact consumer spending.
What Happened?
According to data from the U.S. Bureau of Labor Statistics, the headline CPI rose 8.2% in September, down from 8.3% in August. The September CPI reading came in above average economist estimates of 8.1%.
On a month-over-month basis, CPI was up 0.4% versus average economist estimates for a 0.2% jump...Read More
See Also: September Inflation Runs Hot At 8.2%, Sending Stocks Spiraling Lower: What You Need To Know
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Comments
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
