Dow Jones records its second daily loss in a row
US indices closed mixed on Wednesday, supported by large-cap growth stocks that benefited from rising expectations for a September interest rate hold following the announcement of inflation data.
The data showed that consumer prices rose at the most pace in 14 months in August as gasoline prices rose, but the annual increase in core inflation was the smallest in about two years.
Performance of major US indices:
The Dow Jones Index fell by 0.2%, equivalent to 70 points, recording the second daily loss in a row, with a decline in 6 major sectors out of 8, led by the industrial index, which fell by 1.6%.
On the other hand, the S&P 500 and Nasdaq Composite indices rose by about 0.1% and 0.3%, respectively, supported by gains in major technology stocks such as Amazon and Microsoft.
However, Apple stock continued its losses for the second session in a row after unveiling new iPhone devices on Tuesday, keeping prices unchanged.
Ford stock
Ford's stock rose by 1.5% in Wednesday's session after rising by about 1.9% on Tuesday, closing the stock at the highest level in more than a month, with the company adding about $1.7 billion to its market value in two days.
These gains came after the automaker revealed its plans to double production of F-150 hybrid pickup trucks in 2024.
Moderna shares:
Moderna shares rose more than 3% in Wednesday's session, recording the highest daily gains in 3 weeks, as the company added about $1.3 billion to its market value in one day.
These gains came after the pharmaceutical company said that its influenza vaccine, mRNA-1010, achieved its primary goal in a late-stage trial. The company also announced that it will reduce manufacturing of the Covid-19 vaccine.
