Tech stocks lift Nasdaq, banks weigh on S&P 500, Dow
- JPMorgan falls, BlackRock gains on strong Q3 earnings
- Apple falls after report of lower iPhone production
- Indexes: Dow down 0.33%, S&P flat, Nasdaq up 0.42%
Oct 13 (Reuters) – The Nasdaq rose on Wednesday as investors moved into the perceived safety of technology stocks amid concerns about rising inflation, while a flattening Treasury yield curve hit banking stocks.
A Labor Department report showed consumer prices increased solidly in September, further strengthening the case for interest-rate hike by the Federal Reserve. read more
“If the recent pace of elevated inflation continues, that could push the Fed to start removing accommodation sooner rather than later, which could hurt stocks and other risk assets,” said Nancy Davis, founder of Quadratic Capital…