Wall Street today: US stocks mixed after consumer inflation data

Wall Street stocks were mixed on Wednesday after data showed consumer price inflation rose last month.

As of 10:59 am Eastern time, the S&P 500 was virtually flat, the Dow Jones Industrial Average was up 0.3 per cent, and the Nasdaq Composite was 0.2 per cent lower. 

As of 9:35 am Eastern time, the S&P 500 was 0.1 per cent higher, the Dow Jones Industrial Average was up 0.2 per cent, and the Nasdaq Composite was 0.1 per cent higher.

US consumer inflation edged higher in October spurred by an increase in housing costs, according to government data released on Wednesday.

The Consumer Price Index (CPI) rose to 2.6 per cent in October from a year ago, up from 2.4 per cent in September, the Labor Department said in a statement.

The increase in inflation puts a slight spanner in the works of the US Federal Reserve, which recently began lowering interest rates in response to easing inflation.

Amgen stock rose 1.9 per cent after it said a study did not suggest any bone safety concern with its potential treatment for obesity.

Spirit Airlines stock lost 56.4 per cent after the company said in a regulatory filing that it’s still trying to work out a deal to renegotiate the repayment of its debt.

In the bond market, the yield on the 10-year Treasury fell to 4.38 per cent from 4.43 per cent late on Tuesday.

Crude oil

Oil prices gained on Wednesday, a day after OPEC downgraded its forecast for global oil demand growth in 2024 and 2025.

Brent futures were up 49 cents, or 0.68 per cent, to $72.38 a barrel at 1040 GMT, while US West Texas Intermediate (WTI) crude futures were up 48 cents, or 0.70 per cent, at $68.60.

Bullion

Gold prices edged higher on Wednesday after a pause in the US dollar's rally.

Spot gold rose 0.2 per cent to $2,602.89 per ounce by 9:54 a.m. ET (1454 GMT). US gold futures gained 0.1 per cent to $2,608.80.

Spot silver was steady at $30.7 per ounce.