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 per cent 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 per cent at 33,874.24.
The broad-based S&P 500 dropped 0.5 per cent to 4,303.43, while the tech-rich Nasdaq Composite Index shed 0.3 per cent to 13,315.61.
Apple gained 2.8 per cent after reporting a record US$124 billion quarterly revenue and higher hearings amid torrid demand for smartphones and other goods despite supply chain problems that pinched sales.
Among other companies reporting results, Caterpillar and Chevron both dropped more than four per cent while Visa shot up more than six per cent. — AFP
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