Wall Street closed lower on Tuesday after data was released showing that producer prices increased more than expected in November, consolidating expectations that the Federal Reserve will announce a faster reduction in its asset purchases this week.

The Omicron variant The rapidly spreading coronavirus has also dampened investor sentiment after the index S&P 500 it reached an all-time high at the end of last week.

The declines were led by technology-related large caps, with Salesforce.com, Microsoft Corp, Adobe Y Alphabet Inc dragging the S&P 500 and to Nasdaq.

Apple Inc was down 0.8%, but ended far from its session lows after the manufacturer of the iPhone It said it would require customers and employees to wear masks in its stores in light of the increase in Covid-19 cases.

The S&P 500 lost 34.88 points, or 0.75%, to 4,634.09 units, while the Nasdaq Composite fell 175.64 points, or 1.14%, to 15,237.64. The Promedio Industrial Dow Jones it fell 106.77 points, or 0.30%, to 35,544.18 units.

Data from work Department showed that the producer price index (PPI) for final demand in the 12 months to November soared 9.6%, its biggest increase since November 2010.

About two-thirds of the values ​​of the Nasdaq They were trading below their 200-day moving average, according to Refinitiv data, suggesting that many index stocks are struggling, although the overall index remains just 6% below its record close in November.

“Covid-19 plus inflation is the Grinch who stole Christmas,” said Jake Dollarhide, CEO of Longbow Asset Management. “I’m not underestimating the fact that there are some big names on the Nasdaq giving up some of their big gains. When the leaders fall, it’s not a good sign.”

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Reference-www.eleconomista.com.mx

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