US stocks unaffected by latest inflation jump - RTHK
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US stocks unaffected by latest inflation jump

2021-10-14 HKT 05:20
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  • Wall Street shrugs off data showing rising inflation. Photo: AP
    Wall Street shrugs off data showing rising inflation. Photo: AP
Wall Street stocks mostly rose Wednesday, shrugging off another round of data showing rising inflation as third-quarter earnings began in earnest with good results.

US consumer prices climbed 5.4 percent, seasonally adjusted, in September compared to the same month last year, with notable price increases in food and rents, government data showed.

The report is the latest to demonstrate pricing pressure and comes as Federal Reserve meeting minutes showed the US central bank leaning towards cutting back on monetary stimulus as soon as November.

Meanwhile, BlackRock, JPMorgan Chase and Delta Air Lines all reported better-than-expected earnings, although only BlackRock was the only one of the three to see shares rise.

The tech-rich Nasdaq Composite Index led the major indices, climbing 0.7 percent to 14,572.

The Dow Jones Industrial Average ended essentially flat at 34,378, while the broad-based S&P 500 advanced 0.3 percent to 4,364.

Among sectors, airlines had a bruising session as Delta warned it could suffer a fourth-quarter loss due to rising jet fuel prices. Shares of Delta plunged 5.8 percent, while American Airlines and United Airlines both lost more than three percent.

Apple dipped 0.4 percent following a Bloomberg report that it will lower its iPhone production due to the shortage of semiconductors. (AFP)