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US stock indexes declined on the Fed's minutes and inflation data


April, 13 2023
watermark Economic news

US stock indexes ended trading in the red on Wednesday after the release of inflation statistics and the publication of the minutes of the March meeting of the Federal Reserve System.


The Dow Jones Industrial Average fell by 38.29 points (0.11%) to 33646.5 points. The leader of the growth in the index was Dow Inc. shares, which rose by 1.3%, the leader of the decline was Walt Disney Co. securities, which fell by 2.5%.


The Standard & Poor's 500 declined by 16.99 points (0.41%) to 4091.95 points.


The Nasdaq Composite lost 102.54 points (0.85%) to 11929.34 points.


According to a report by the US Department of Labor, consumer prices (CPI) rose by 5% in annual terms in March after rising by 6% in February. Thus, inflation slowed to a minimum since May 2021, falling below the 5.1% expected by analysts.


Energy prices fell by 6.4%, gasoline fell by 17.4%. The growth of consumer prices excluding the cost of food and energy (Core CPI index) accelerated to 5.6% YoY after an increase of 5.5% in February.


As for the minutes of the last meeting of the Federal Reserve, the publication showed that the leadership of the central bank is concerned about the banking crisis and expects a moderate recession in the United States later this year.


Market participants also expect the start of the corporate reporting season for the first quarter, which starts on Friday with the publication of financial indicators of the leading Wall Street banks – JPMorgan Chase & Co., Wells Fargo and Citigroup Inc.


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