camila June 10, 2021

NEW YORK (AFP) – Wall Street stocks finished lower after another sluggish session on Wednesday (June 9) as markets look ahead to key consumer inflation data.

“It’s quiet, light trading, just spinning its wheels, and been doing that since the beginning of the week,” said Spartan Capital Securities’ Peter Cardillo.

“We are stuck in a trading range pattern until we get news that will motivate the market on either side of the equation.”

Major indexs have edged in and out of positive territory all week in a period with few major earnings reports or economic data.

However, investors are keen for Thursday’s reading on consumer prices for last month, an important indicator of whether inflation is picking up significantly.

The Dow Jones Industrial Average dropped 0.4 per cent to end the day at 34,447.14.

The broad-based S&P 500 shed 0.2 per cent to 4,219.55, while the tech-rich Nasdaq Composite Index lost 0.1 per cent at 13,911.75.

Among individual companies, Campbell Soup fell 6.6 per cent as it reported that sales dropped 11 per cent from the year-ago period to US$2 billion (S$4 billion), reflecting a decline from the surge seen last year caused by pantry-loading in the early days of the coronavirus pandemic.

Leading so-called “meme” stocks” mostly fell following recent gains propelled by retail investors on the Reddit platform. Clover Health sank 23.6 per cent, while AMC Entertainment lost 10.4 per cent. GameStop gained 0.4 per cent.

Meme stocks are ‘bad companies’: Adviser

Wall Street reverses course, closing lower