The Dow Jones Industrial Average (^DJI) was down 349.28 (-0.67%) points today, trading at 52,031.38. This downward trend is reflected in Dow Futures (YM=F), which was down 347.00 (-0.66%). The dominant narrative stifling market momentum is the release of August’s Consumer Price Index (CPI) data, which exceeded expectations. This hotter inflation reading has intensified concerns that the Federal Reserve will delay interest rate cuts, leading to a broad-based sell-off across the index as Treasury yields climbed higher.
Leading the few gainers, 3M (MMM) was up 3.70% to $148.62 amid optimism surrounding its restructuring. Technology giant Nvidia (NVDA) also outperformed, up 1.77% to $225.01, supported by continued appetite for artificial intelligence infrastructure. Defensive healthcare also saw inflows; Johnson & Johnson (JNJ) was up 1.61% to $227.63, while Cisco Systems (CSCO) was up 1.33% to $100.48. UnitedHealth Group (UNH) and Boeing (BA) were up 1.00% and 0.61% respectively.
Conversely, IBM (IBM) was down 2.42% to $213.40 as investors pivoted from legacy tech. Home Depot (HD) was down 2.14% to $303.85, hit by fears that inflation will cool the real estate market. Software leader Salesforce (CRM) was down 1.64% to $168.45, and Caterpillar (CAT) was down 1.22% to $901.99. Financials also retreated, with American Express (AXP) down 1.27% and JPMorgan Chase (JPM) down 1.12% to $301.51, as yield volatility weighed on banking sentiment.
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications.