The consumer price index rose 5.4% year-over-year
| |  7/13/2021 | | | Have you seen our volatility scorecard? Sign up by clicking here! | Stocks Drop as Inflation Data Weighs | By: Laura McCandless | | The Dow closed 107 points lower today, as inflation data weighed on the market. The U.S. Labor Department reported a higher-than-expected year-over-year rise of 5.4% in the consumer price index (CPI) -- its fastest pace in almost 13 years. The S&P 500 and Nasdaq also pulled back to finish in the red, after both eking out record intraday highs, with the latter pushed lower by a jump in the 10-year Treasury yield by 5 basis points. In other economic data, the core CPI, excluding food and energy, made its sharpest move higher since 1991, rising 4.5%, and the U.S. federal budget deficit narrowed to $174 billion in June. Meanwhile, earnings season kicked off with financial stocks today, and investors are looking ahead to more big-name bank reports coming up this week. Continue reading for more on today's market, including: - NOK options surged after pre-earnings update.
- Behind Goldman Sachs' blowout earnings beat.
- Plus, analyst eyes growth for HBI; another notable bank report; and options bulls target PEP.
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