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@AhGong：U.S. stocks slid Wednesday after the government's monthly retail sales report showed a slowdown in consumer spending activity, while a reading on wholesale inflation showed cooling prices. Wall Street also continued to parse through corporate financial updates for signs of the “earnings recession” many analysts have warned about. The S&P 500 (^GSPC) tumbled 1.6% after reversing gains from earlier in the day, while the Dow Jones Industrial Average (^DJI) shed 600 points, or 1.2%. The technology-heavy Nasdaq Composite (^IXIC) declined 1.2%. The Dow had its worst day of 2023, while the Nasdaq's losses snapped a seven-day winning streak. Wall Street navigated a bevy of data, corporate earnings signals, and Fedspeak on Wednesday. St. Louis Fed President James Bullard said Wednesday that he and colleagues should move interest rates above 5% "as quickly as we can" to rein in inflation before pausing the current hiking cycle. The Commerce Department on Wednesday said retail sales in the U.S. fell 1.1% last month, while November's reading was also downwardly revised. Economists had expected a 0.8% decline in December. Meanwhile, the Producer Price Index (PPI), which measures inflation at the wholesale level, decreased 0.5% last month — the biggest drop since early in the pandemic. Headline PPI rose at an annual 6.2% clip, down meaningfully from the year-over-year reading of 7.3% in November. The print comes one week after the Consumer Price Index (CPI) showed inflation ease to a cooler 6.5%. Microsoft (MSFT) said Wednesday that it is laying off 10,000 workers as part of an effort to cut costs. The layoffs impact roughly 4.5% of the company's 221,000 total employees. Microsoft shares closed down 1.9%. @Daily_Discussion Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.
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