SwedenLivingWorld world_2_fill WorldBusiness BusinessSports sports-soccer SportsEntertainmentEntertain

Slide on Wall Street after inflation announcement

Wednesday's trade on Wall Street developed in a horizontal – but occasionally volatile – direction. Best went it for snack giant Kellanova.

» Updated: 14 August 2024, 22:41

» Published: 14 August 2024

Slide on Wall Street after inflation announcement
Photo: Peter Morgan/AP/TT

During the day, the news came that the underlying inflation in the USA last month was the lowest in several years. Despite this, market movements were relatively timid during the trading day.

The S&P 500 increased by 0.4 percent, while the industrial-heavy Dow Jones went up 0.6 percent. Nasdaq's composite index fluctuated between plus and minus for a long time – but ultimately closed unchanged.

Among today's winners was snack giant Kellanova, which rose by 7.8 percent after news that food conglomerate Mars has chosen to buy the company. Kellanova owns, for example, the Pringles chip brand.

It went worse for Alphabet, which owns Google, among other things. The company's shares fell by more than 3 percent after media reports that American authorities are considering an attempt to split the business, according to Bloomberg.

Electric car manufacturer Tesla also fell, and had lost 3.10 percent by the close.

According to the KPI measure, inflation for July fell to 2.9 percent in the USA, which can be compared to 3.0 for June. That figure was also the average forecast for July among analysts, according to a compilation made by Bloomberg.

The underlying inflation, which is the measure that the central bank Federal Reserve primarily looks at, landed at 3.2 percent, the lowest level since 2021.

Tags
TTT
By TTThis article has been altered and translated by Sweden Herald

More news

Took a tough stance on crypto companies - resigns
1 MIN READ

Took a tough stance on crypto companies - resigns

Ingvar Carlsson on PG: "A very loyal friend"
2 MIN READ

Ingvar Carlsson on PG: "A very loyal friend"

No Wage Guarantee in American Process
1 MIN READ

No Wage Guarantee in American Process

He became "PG" to the entire Swedish people
3 MIN READ

He became "PG" to the entire Swedish people

PG Gyllenhammar has died: "meant a lot"
1 MIN READ

PG Gyllenhammar has died: "meant a lot"

Unstable US stock market ends on a plus
1 MIN READ

Unstable US stock market ends on a plus

Temu's owner shows its hand
1 MIN READ

Temu's owner shows its hand

Nvidia rises in pre-trading on Wall Street
1 MIN READ

Nvidia rises in pre-trading on Wall Street

Reconstruction in the USA to save Northvolt
3 MIN READ

Reconstruction in the USA to save Northvolt

Northvolt: Negotiations are still ongoing
3 MIN READ

Northvolt: Negotiations are still ongoing

Higher Compensation for Job Interviews in Another Location
1 MIN READ

Higher Compensation for Job Interviews in Another Location

Vehicle Giant Warns of Challenges in 2025
1 MIN READ

Vehicle Giant Warns of Challenges in 2025

Unchanged interest rate in Turkey
1 MIN READ

Unchanged interest rate in Turkey

Trump anxiety in the EU over US tariffs
3 MIN READ

Trump anxiety in the EU over US tariffs

Weak demand for scrapping premium
1 MIN READ

Weak demand for scrapping premium

E-fuel company takes in half a billion
1 MIN READ

E-fuel company takes in half a billion

New Report Boost for AI Giant Nvidia's Share
2 MIN READ

New Report Boost for AI Giant Nvidia's Share

Stockholm Stock Exchange Turned Upwards
1 MIN READ

Stockholm Stock Exchange Turned Upwards

Bitcoin closer to the dream limit
1 MIN READ

Bitcoin closer to the dream limit

Higher fee to stop burning of plastic
2 MIN READ

Higher fee to stop burning of plastic