Posted 2/13/2024, 8:15:00 PM
Stocks Plunge as Hot Inflation Data Dashes Hopes for Near-Term Fed Pivot
- US stocks plunged over 2% after hotter-than-expected January inflation data showed prices cooling slower than anticipated
- Dow fell 700 points, S&P 500 dropped 2%, Nasdaq sank over 2%
- Consumer prices rose 0.3% monthly and 3.1% annually, exceeding forecasts
- Core inflation accelerated 0.4% monthly, the largest increase since April 2023
- Investors now see fewer Fed rate cuts in 2024; bets on a March cut are gone