Market Updates
Movers: Alphabet, Delta, Fastenal, Latham, Qurate, Twitter, Zoom Video
Barry Adams
13 Jul, 2022
New York City
On Wall Street stocks lacked direction after inflation accelerated to a new 4-decade high on the sustained jump in gasoline prices.
The consumer price increase intensified to 9.1% annual rate in June from 8.6% in May after gasoline prices surged 60% from a year ago.
The S&P 500 index was unchanged at 3,820.32 and the Nasdaq Composite index increased 0.3% to 11,302.47.
Futures of crude oil prices edged down a fraction $95.68 a barrel and natural gas gained 32 cents to $6.48 a unit.
The yield on 10-year Treasury notes jumped to 3.01% after the release of the latest inflation report.
Alphabet Inc decreased 1.7% to 2,243.40 after chief executive Sundar Pichai announced the company's plan to slow down hiring amid the economic uncertainty.
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