US Stock Market Today: Wall Street stocks ended mixed on Tuesday after U.S. consumer price data for January offered little to change expectations about the Federal Reserve's path forward on interest rate hikes. U.S. consumer prices accelerated as Americans continued to be burdened by higher rental housing costs, suggesting that the Fed will maintain its fight against inflation.
Of the 11 S&P 500 sector indexes, seven declined, led by real estate (.SPLRCR), down 1.08 per cent, followed by a 0.95 per cent loss in consumer staples (.SPLRCS).
The consumer discretionary index . The electric car maker has rebounded over 60 per cent in 2023 after losing two-thirds of its value last year.
Money market traders are betting on at least two more 25 basis point rate hikes this year, with interest rates seen peaking at 5.28 per cent by July.
Also adding to the investor angst were hawkish remarks by Richmond Fed President Thomas Barkin and Dallas Fed President Lorie Logan. Barkin said the Fed needs to prioritize quashing inflation over risks to U.S. economic growth.
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