The Federal Reserve’s inflation reading and economic data this week could influence the duration of the Fed’s interest rate hikes, causing Wall Street’s key indexes to fall.
Megacap growth stocks suffered as the 10-year Treasury yield climbed, while eight of 11 key S&P 500 sectors fell, with rate-sensitive real estate companies down 1.2%.
The expected Tuesday report showed October headline consumer prices fell to 3.3% from 3.7% in September, but core prices remained unchanged.
A stronger-than-expected earnings season and anticipation of US interest rates nearing their peak have boosted major US stock indexes.
Traders have priced in an 86% chance that the Fed will keep rates in December but have delayed rate decreases until June.