US stocks mixed with S&P 500, Nasdaq retracing some losses after hot inflation reading

US stocks mixed with S&P 500, Nasdaq retracing some losses after hot inflation reading

US stocks finished mixed Thursday but won back some losses suffered in the previous session following a surge in consumer price inflation, with prices for food and gasoline running hot and stoking concerns about growth prospects for the US economy. The S&P 500 and the Nasdaq Composite ended higher. Tech stocks on the Nasdaq were slammed lower Wednesday after a surge in bond yields hurt that sector. Bond yields soared after the US consumer price index in October, the highest rate of inflation since 1990. But the Dow Jones Industrial Average closed in the red, with sliding following a miss in fiscal fourth-quarter earnings for the entertainment heavyweight. "While this week's inflation data sparked a decline on Wednesday in US equities, investors continue to see the market as a glass half-full on the heels of strong third-quarter corporate earnings, the passage of the landmark US infrastructure bill, visible remedies to supply chain congestion, and other key indicators of a more sustained economic recovery," said Greg Bassuk, CEO of AXS Investments, in a note to Insider on Thursday. Still, "investors should brace for heightened market volatility and consider sanctuary in inflation hedges, like gold, bitcoin and alternative investments," he said. Around