US Market Updates : In the latter moments of Tuesday’s trading, stocks recovered from their lows, although the Dow Jones Industrial Average, S&P 500, and Nasdaq all saw significant losses due to concerning inflation statistics for January. Today’s two biggest stock market losers were Arista Networks (ANET) and Shopify (SHOP), both of which plummeted following their earnings announcements. In contrast to the 0.2% predicted increase, the Labor Department’s consumer price index indicated a 0.3% increase in prices. The year-over-year CPI increased to 3.1% as opposed to the forecast 3%. The core CPI for January, which excludes food and energy, grew by 0.4% compared to the projected 0.3% increase. Prices increased 3.9% annually as opposed to an estimated 3.7% increase.

The 10-year Treasury yield increased as a result, rising 14 basis points to almost 4.31%, the highest level since December 1. The Cboe FedWatch Tool shows that following the release of the report, the likelihood of a rate decrease in March dropped to a low of 8.5% and for the May meeting, it was about 31%.

Stocks were also affected. After somewhat rising from its lows for the day, the Dow ended Tuesday down around 525 points, or 1.4%. Before cutting losses, the index had dropped more than 700 points. Today’s 1.4% decline in the S&P 500 sent the benchmark index back below the 5,000 threshold in the stock market.

It was the Nasdaq’s lowest day since October 25 as it fell 1.8%. The most severely affected was the small-cap Russell 2000, which dropped 4% after increasing by almost 1.8% on Monday. The index finished the day below the 2,000 mark.

It was a 1.6% decline for the Invesco QQQ Trust (QQQ) exchange-traded fund and a 2% loss for the Innovator IBD 50 ETF (FFTY).

Preliminary data indicates that volume increased on the Nasdaq and the New York Stock Exchange on Monday.


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