NEW YORK (AP) — Worries about worsening inflation are weighing on the stock market and pulling Wall Street further from its record. The S&P 500 slipped 0.4% early Wednesday and was on track for a fifth loss in the six days since setting its all-time high. The Dow Jones Industrial Average slipped 85 points, and the Nasdaq composite fell 0.6%. Stocks felt pressure from rising yields in the bond market, where worries grew after a report said consumers
had to pay prices for fuel, food and other costs of living last month that were 3.7% higher than a year earlier, a faster increase than expected.
THIS IS A BREAKING NEWS UPDATE. Check back for updates. AP’s earlier story follows below.
U.S. futures are mostly higher as Wall Street braces for one of the last price reports the government will issue before the midterm elections.
Consumer prices are forecast to have risen 3.6% in September compared with a year earlier, up from 3.4% in August, according to a survey of economists by data provider FactSet. The Labor Department will issue the report Wednesday morning.
The consumer inflation report comes at a time when Americans are worried about rising grocery and gasoline prices, continuing to have concerns over affordability.
Futures for the S&P 500 rose 0.2% on Wednesday, while those for the Dow Jones Industrial Average climbed 0.3%. Nasdaq futures declined 0.1%.
Inflation has fallen sharply from a 9.1% peak in 2022, but has ticked higher since the war in Iran began in late February. Elevated inflation has posed political problems for Republicans in Congress and is a challenge for the Federal Reserve, which is required by Congress to seek stable prices.
And while gas prices have moved lower in recent weeks, they remain higher than a month ago. Gas prices averaged $4.33 per gallon on Wednesday, according to AAA, up slightly from a month ago.
Brent crude, the international standard, gained 0.6% to $106.37 a barrel. Benchmark U.S. crude rose 1.2% to $95.30 a barrel.
Investors will also be keeping an eye on more earnings reports Wednesday. Bank of America reported a decline in its third-quarter profit as the Treasury Department announced Tuesday that it was imposing $1.2 billion in fines on the bank for allegedly violating anti-money laundering and sanctions laws. Shares fell more than 4% before the market open.
In Europe, France's CAC 40 climbed 0.5% to 7,869.99, while the German DAX rose 0.6% to 25,400.20. Britain's FTSE 100 added 0.2% to 10,672.28. Asian markets were lower.
In other dealings, the U.S. dollar rose to 158.47 Japanese yen from 158.32. The euro fell to $1.1189 from $1.1203.
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