U.S. stock indexes turned lower Tuesday as a report showed consumer price gains slowed in August.
The Dow Jones Industrial Average fell 216 points, or 0.62%, while the S&P 500 index and the Nasdaq Composite index declined 0.33% and 0.09%, respectively. The modest losses come after the Dow opened with a 121-point gain a day after snapping its five-day losing streak.
The August consumer price index showed prices last month rose 5.3% annually, slowing from the 5.4% pace in July that matched the fastest growth in 13 years. Prices edged up 0.3% month over month.
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After the report, the yield on the 10-year note was down four basis points at 1.29%.
In stocks, Apple Inc. shares were in focus as the tech giant unveiled its new iPhone 13 which has a state-of-the-art memory chip and updated camera, among other things. Updates to other products, like the iPad and Apple Watch, were also announced.
Amazon Inc. raised its average starting pay to $18 per hour and said it would hire 125,000 warehouse and transportation workers in the U.S.
Oracle Corp. reported quarterly sales that fell short of Wall Street estimates as cloud revenue missed the mark. Current quarter earnings guidance was ahead of expectations while revenue guidance was a bit light.
Casino stocks including MGM Resorts International and Wynn Resorts Ltd. were on track for their biggest daily percentage drops in over a year after Macau said it would tighten restrictions on the gaming industry.
Oil stocks, which were the top performers Monday, slid as West Texas Intermediate crude pulled back from a six-week high of $71.22 a barrel set earlier Tuesday as Hurricane Nicholas made landfall in Texas.
Elsewhere in commodities, gold climbed $12.70 to $1,804.70 an ounce.
Overseas markets traded mixed.
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European bourses were choppy with France’s CAC 40 sliding 0.36%, Britain’s FTSE 100 losing 0.49% and Germany’s DAX 30 ticking higher by 0.14%.
In Asia, Japan’s Nikkei 225 jumped 0.73% while Hong Kong’s Hang Seng index and China’s Shanghai Composite declined 1.21% and 1.42%, respectively, after developer China Evergrande reiterated concerns it could default on its debt.