Overview
- U.S. consumer inflation for December matched forecasts at 2.7% year over year, with core CPI at 2.6%.
- Market pricing lowered the probability of a January Fed rate cut to about 2.8%, while the 10-year Treasury yield eased to roughly 4.17%.
- The Dow fell 0.80% (down 398 points to 49,191), the S&P 500 slipped 0.19% to 6,963, and the Nasdaq edged down 0.10% to 23,709.
- JPMorgan reported lower profit versus a year earlier due to a one-off charge, and its shares dropped more than 4% as bank earnings season began.
- Reports of a DOJ investigation into Fed Chair Jerome Powell and the White House push for a 10% cap on credit-card rates heightened regulatory concerns and helped lift precious metals, with silver setting another record.