U.S. stocks opened lower on Thursday as Wall Street weighed another decades-high inflation print for clues on how aggressively the Federal Reserve will adjust monetary conditions to rein in surging prices levels.
The tech-heavy Nasdaq Composite shed 294 points, or 1.96% following the fresh CPI report that reflected a 7.5% annual gain in January, the fastest rise since 1982. The Dow Jones Industrial Average erased 250 points, falling 0.70% lower, while the S&P 500 dipped 1.29%. Meanwhile the closely-watched 10-year Treasury note jumped to 2% for the first time since August 2019.
“Even though we see the yield curve start flattening, we are watching the 10-year very closely and the CPI number,” ERShares chief operating officer and chief investment strategist Eva Ados told Yahoo Finance Live on Wednesday, adding the three factors to monitor in the data are costs associated with labor,…
