NEW YORK, Nov. 13 (Xinhua) -- U.S. stocks ended mixed on Wednesday, as the post-election rally slowed and investors turned their attention to a key inflation report that met expectations.
The Dow Jones Industrial Average rose 47.21 points, or 0.11 percent, to 43,958.19. The S&P 500 added 1.39 points, or 0.02 percent, to 5,985.38. The Nasdaq Composite Index shed 50.66 points, or 0.26 percent, to 19,230.74.
Seven of the 11 primary S&P 500 sectors ended in green, with consumer discretionary and energy leading the gainers by adding 1.14 percent and 0.84 percent, respectively. Meanwhile, communication services and technology led the laggards by losing 0.57 percent and 0.31 percent, respectively.
October saw a modest rise in inflation, aligning closely with Wall Street's forecasts, according to Wednesday's report from the U.S. Bureau of Labor Statistics. The consumer price index (CPI) climbed 0.2 percent month-over-month, bringing the annual inflation rate to 2.6 percent, up slightly from September's 2.4 percent. Both figures matched Dow Jones expectations.
Core CPI, which excludes volatile food and energy prices, showed a sharper uptick, rising 0.3 percent for the month and 3.3 percent year over year, also in line with predictions. This indicates some underlying inflation pressures despite the broader stability in overall prices.
Following the report, trading in federal funds futures indicated a strong probability that the Federal Reserve would opt for another rate cut in December, as suggested by the CME FedWatch Tool.
"The inflation data over the past few months have not shown much additional progress, and the election outcome has raised new questions about the path ahead for price growth," Wells Fargo senior economist Sarah House wrote in a note to clients. "We think the time is fast approaching when the FOMC will signal that the pace of rate cuts will slow further, perhaps to an every-other-meeting pace starting in 2025."
"It's time to stop worrying about the Fed and inflation," said David Russell, global head of market strategy at TradeStation. "Stocks have been on autopilot since the election and today's numbers do nothing to hurt the trend. December is still in play for a cut."
