US stocks pull back from records
Share this article
NEW YORK, Sept 13 — Wall Street stocks pulled back from records early today as US data showed inflation remained tepid, potentially denting the odds of further Federal Reserve interest rate hikes.
US stocks have been on the upswing this week, with all three major indices again closing at records yesterday on diminishing worries about North Korea and relief that Hurricane Irma caused less US damage than feared.
Given those peaks, analysts said US equities were primed for profit-taking.
About 20 minutes into trading, the Dow Jones Industrial Average was down slightly at 22,114.52.
The broad-based S&P 500 lost 0.1 per cent to 2,493.97, while the tech-rich Nasdaq Composite Index dropped 0.3 per cent to 6,434.42.
US wholesale prices rose modestly in August, but the 0.2 per cent gain fell short of the 0.3 per cent increase expected by analysts.
Apple dipped 1.0 per cent after launching a series of new iPhones, including a 10th anniversary smartphone featuring facial recognition unlocking and other refinements.
Morningstar said the newest offerings would likely sell well, but the November 3 arrival of the most sought-after iPhone X model could dent sales of other iPhones.
American Airlines rose 1.3 per cent after reporting a solid financial performance through the end of August.
However, the carrier warned that its performance for the fourth quarter overall would be pinched by Hurricane Irma, which closed America’s Miami hub and some 40 airports in Florida and the Caribbean.
Nordstrom rose 5.5 per cent following a report on business network CNBC that the department store chain was in talks with a private equity firm on financing to go private. — AFP