US Stocks Head Lower After October PCE Prices Rise Less Than Expected in October While Weekly Jobless Claims Plummet

Last Updated: Wednesday, November 24, 2021 12:35 PM | MT Newswires

US stocks fell in choppy trade on Wednesday after an inflation gauge that Federal Reserve monitors rose by less than expected in October and weekly initial jobless claims plunged to the lowest level in more than half a century.

The Dow Jones Industrial Average fell 0.3% to 35,704.26, with the S&P 500 and Nasdaq each down by less than 0.1% after midday. The latter two indexes traded moderately higher earlier in the session.

Energy was the top performer along with real estate, while the steepest decliners included financials and materials.

The 10-year US Treasury yield declined by 2.1 basis points to more than 1.64%.

West Texas Intermediate crude oil slipped by $0.06 to $78.42 a barrel.

The personal consumption expenditure, or PCE, price index rose by 0.6% in October, less than the 0.7% increase expected but lifting the year-over-year rate to 5% from 4.4% in September. The index had climbed by 0.4% in September.

Initial claims for unemployment benefits dropped to 199,000 during the week ended Nov. 20, from 268,000 in the previous period. The market expectations were for a decline to 260,000. The latest print on claims was the lowest since November 1969 amid an economic rebound and strong demand for labor, according to report from Trading Economics.

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