US stocks retreated and Treasuries rallied as investors weighed the latest economic data, which included figures showing inflation eased less than forecast in September.
The S&P 500 closed lower, retreating 0.2 per cent from Wednesday’s record closing high. Energy and basic materials were the only sectors that advanced.
The technology-dominated Nasdaq Composite shed 0.1 per cent. Four of the so-called Magnificent Seven group of tech stocks ended lower.
Thursday’s inflation data underscored continuing uncertainty about the economy, but generally reinforced expectations that the Federal Reserve will opt for a quarter-point rate reduction in November.
The yield on the policy-sensitive two-year Treasury was down 0.06 percentage points to 3.96 per cent.
https://www.ft.com/content/b71ea88c-23a7-4bdb-b2e2-846c4495529b
