Today’s World Markets: US stocks slide as inflation data lowers expectations for rate cuts; S&P 500, Nasdaq drop more than 1%

US stocks opened lower on Tuesday following disappointing inflation data, which raised concerns about a potential interest rate cut. The Dow Jones Industrial Average fell 98.21 points, or 0.25%, at the open to 38,699.17, while the S&P 500 dropped by 53.90 points, or 1.07%, to 4,967.94. Meanwhile, the Nasdaq Composite lost 343.67 points, or 2.16%, to 15,598.88.

Shares of Microsoft and Nvidia fell by 2.3% and 2.1%, respectively, as a result of the inflation data that caused Treasury yields to jump significantly. The 10-year Treasury rate rose to 4.25% and the two-year yield leaped to an impressive level of 4.57%.

In Asia, stock markets were mixed with Japan’s Nikkei 225 edging up by just over two percent but Hong Kong’s Hang Seng Index and China’s Shanghai Composite were closed for a holiday due to celebrations marking Lunar New Year in China and other parts of Southeast Asia respectively). Oil prices also rose slightly due to uncertainties over fighting in the Middle East with Brent futures rising by $0

By Editor

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