Dow, S&P 500 dip as financials lag

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NEW YORK, Oct. 13 (Xinhua) — U.S. stocks traded mixed on Wednesday morning, dragged by overall weakness in the financials sector.

Shortly after the opening bell, The Dow Jones Industrial Average decreased 108.16 points, or 0.31 percent, to 34,270.18. The S&P 500 was down 2.85 points, or 0.07 percent, to 4,347.80. The Nasdaq Composite Index rose 59.40 points, or 0.41 percent, to 14,525.32.

Seven of the 11 primary S&P 500 sectors declined in morning trading, with financials and energy down 1.5 percent and 1 percent, respectively, leading the laggards. Technology climbed 0.3 percent, becoming the best-performing group.

J.P. Morgan reported earnings and revenue that exceeded Wall Street estimates, fueled by deal-making and loan growth. Yet, the stock fell more than 2 percent on Wednesday morning.

On the economic front, the U.S. Consumer Price Index (CPI) rose 0.4 percent in September, for a 5.4 percent year-over-year increase, the U.S. Bureau of Labor Statistics reported Wednesday. Economists expected to see a month-to-month increase of 0.3 percent or annualized rate of 5.3 percent, according to Dow Jones.

The core CPI, which excludes food and energy, rose 0.2 percent, for a 4.0 percent year-over-year increase.

“CPI inflation in September was high in sectors plagued by persistent supply chain bottlenecks but lower in sectors where demand is more sensitive to the Delta wave,” Will Compernolle, senior economist at FHN Financial, said in a note.

On Tuesday, U.S. stocks finished lower with the Dow down more than 100 points.