Posted 1/11/2024, 11:17:00 AM
Stocks Close Flat as Hot Inflation Data Tempers Hopes for Fed Rate Cuts
- U.S. stocks closed little changed as hotter than expected inflation and signs of labor market strength dampened hopes for early Fed rate cuts
- Consumer prices rose more than expected in December, driven by shelter and healthcare costs
- Number of unemployment claims unexpectedly fell last week to 202,000
- Comments from some Fed officials have pushed back on potential rate cuts
- Microsoft briefly surpassed Apple as world's most valuable company due to iPhone demand concerns