US Stocks Dip Following Mixed Earnings
Sumaira FH Published January 28, 2022 | 09:34 PM
Wall Street stocks retreated again early Friday following mixed corporate earnings and data suggesting a moderation in inflation in December
New York, (UrduPoint / Pakistan Point News - 28th Jan, 2022 ) :Wall Street stocks retreated again early Friday following mixed corporate earnings and data suggesting a moderation in inflation in December.
Markets have been under pressure most of the week, with major indices near or in corrections as the Federal Reserve engineers a 180-degree shift in monetary policy to fight inflation after a highly accommodative stance throughout the pandemic.
Commerce Department data showed personal consumption prices rose 0.4 percent last month, in line with analysts' expectations and less than the month-on-month growth in the prior two months.
About 10 minutes into trading, the Dow Jones Industrial Average was down 0.8 percent at 33,874.24.
The broad-based S&P 500 dropped 0.5 percent to 4,303.43, while the tech-rich Nasdaq Composite Index shed 0.3 percent to 13,315.61.
Apple gained 2.8 percent after reporting a record $124 billion quarterly revenue and higher hearings amid torrid demand for smartphones and other goods despite supply chain problems that pinched sales.