Reporters reported that the Dow fell more than 100 points today, the last trading day of September. And it was the last day of the third quarter after the US released higher than expected inflation numbers. The Dow Jones Industrial Average was 29,045.83, minus 179.78, or 0.62%.
The US Commerce Department said that the core personal consumption expenditure (PCE) price index, excluding food and energy This is the Fed’s key inflation gauge, up 4.9 percent year over year in August. And it was higher than analysts’ forecast of 4.7 percent from 4.7 percent in July on a monthly basis. The core PCE index rose 0.6% in August and beat analysts’ expectations of 0.5% after being flat in July.
The overall PCE index, which includes food and energy, rose 6.2 per cent in August year-on-year from 6.4 per cent in July.. After falling 0.1% in July
according to SNP index It is a measure of inflation that can detect changes in consumer behaviour. and covers a wider range of prices for goods and services than the Consumer Price Index (CPI). by the US Department of Labor
The Dow and S&P 500 are down more than 7% since the beginning of September. As a result, the Dow dropped its worst month since March, while the S&P 500 sank its worst since June. The Nasdaq is down 9.1 percent this month, its biggest drop since April.
Quarterly, the Dow is on track for three consecutive quarters of decline for the first time since 2015, while the S&P 500 and Nasdaq are on track for three straight quarters of declines for the first time since 2009
According to the CFRA Research Institute, statistics show that September was Wall Street’s worst month of the year.
In addition, the CFRA noted that this year, which is the year of mid-term elections in the United States, will make the Wall Street stock market more likely to fall in September. This is because investors tend to sell heavily in September and October in an election year. before returning to buy shares in the 4th quarter
