Home » Markets » Dow pares gains as Fed notes inflation woes, minutes show
Dow pares gains as Fed notes inflation woes, minutes show
Billionaire supermarket owner warns inflation will ‘continue to go up’
John Catsimatidis, the billionaire owner and CEO of New York City supermarket chain Gristedes, warns food prices will continue to rise as manufacturers have been raising prices.
U.S. stocks traded down as investors continue to rotate out of tech and as they digested the latest minutes from the Federal Reserve's December meeting which signaled inflation had broadened.
The Dow Jones Industrial Average, which hit a record earlier, turned lower following the minutes while the S&P 500 and Nasdaq Composite dropped 0.82% and 1.9%, respectively.
HIRING PICKS UP WITH 807,000 JOBS CREATED: ADP
DOW JONES AVERAGES
NASDAQ COMPOSITE INDEX
Even with the dip, the Dow is still nearing the 37,000 level.
Tech was divided among the 30 members with Intel rising over 2%, while Salesforce dipped 7% after UBS cut the stock to a hold.
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Traders are watching the first of this week's labor-related reports ahead of Friday's December jobs report.
The payroll processing firm ADP reported the creation of 807,000 private-sector jobs, more than double the 400,000 estimate. Also, the final Markit services PMI for December came in at a reading of 57.