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US stocks open mixed after latest inflation spike


File picture shows a worker cleaning the floor of the New York Stock Exchange (NYSE) March 20, 2020. — Reuters pic
File picture shows a worker cleaning the floor of the New York Stock Exchange (NYSE) March 20, 2020. — Reuters pic

NEW YORK, Sept 10 — Wall Street stocks were mixed early today as the market digested more data showing elevated inflation and sought to shake off a series of lacklustre sessions.

Major indices are down for the week so far as investors grapple with worries over the Delta variant of Covid-19, uncertainty over Federal Reserve policy and supply chain woes.

US wholesale prices posted another record increase in August in the latest sign that increased demand coupled with supply and labour shortages were fuelling US inflation.

The producer price index (PPI) jumped 8.3 per cent from August 2020, not seasonally adjusted, the biggest increase since the data was first collected in November 2010, according to the Labour Department report.

About 35 minutes into trading, the Dow Jones Industrial Average was down 0.2 per cent at 34,821.23.

The broad-based S&P 500 edged up less than 0.1 per cent to 4,494.30, while the tech-rich Nasdaq composite Index advanced 0.3 per cent to 15,296.82.

Among individual companies, Take-Two Interactive Software fell 3.0 per cent as it pushed back new versions of its Grand Theft Auto game to March 2022 from November 2021 “to allow additional time to further polish the final products.” — AFP



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