Dow34577.57-292.06(-0.84%)Nasdaq15037.76-67.82(-0.45%)SP 5004443.05-25.68(-0.57%)10-yr Note +5/321.277NYSEAdv 997 Dec 2225 Vol 810.8 mlnNasdaqAdv 1246 Dec 3022 Vol 4.5 bln Industry Watch Strong: Health Care, Information TechnologyWeak: Energy, Financials, Industrials, Materials Moving the Market -- Market closes lower amid growth concerns and selling momentum -- CPI data for August moderated more than expected-- Cautious-sounding business commentary -- Apple (AAPL) unable to wow investors with product event -- COVID-related lockdown in Chinese province Markets lower on growth concerns and negative momentumDow -292.06 at 34577.57, Nasdaq -67.82 at 15037.76, S&P -25.68 at 4443.05 [BRIEFING.COM] The major indices opened Tuesday's session with modest gains following a better-than-feared Consumer Price Index report (CPI) for August, but the rest of the session saw a steady and broad-based decline as growth concerns persisted. The S&P 500 decreased 0.6% but found some support close to its 50-day moving average (4429). The Nasdaq Composite declined 0.5%, the Dow Jones Industrial Average declined 0.8%, and the Russell 2000 declined 1.4%. Specifying the data, total CPI increased 0.3% m/m (Briefing.com consensus +0.4%) while core CPI, which excludes food and energy, increased just 0.1% m/m (Briefing.com consensus +0.3%). The year-over-year increases remained elevated but moderated versus July. At first glance, the market reasoned that the data was simply corroborating the Fed's view on transitory inflation pressures. The backdrop of economic/political issues, coupled with negative price momentum in the market, however, spun the report into a reflection of slower economic growth. All 11 S&P 500 sectors closed lower, with the cyclical energy (-1.5%), financials (-1.4%), industrials (-1.2%), and materials (-1.2%) sectors losing at least 1.0%. The information technology (-0.1%) and health care (-0.1%) sectors outperformed on a relative basis with 0.1% declines. Many travel stocks struggled amid news of a COVID-related lockdown in a Chinese province and an observation from American Express ($AXP 159.51, -1.94, -1.2%) that corporate spend on travel isn't showing signs of increasing in a meaningful way. Furthermore, Apple ($AAPL 148.12, -1.43, -1.0%) didn't wow investors with its product event. Oracle ($ORCL 86.39, -2.50, -2.8%) provided underwhelming earnings news. Comcast ($CMCSA 55.59, -4.38, -7.3%) said net adds in its cable business are seeing a slowdown since the tail end of August. PNC ($PNC 188.35, -6.11, -3.1%) said net interest income is a looking a bit soft. The 2s-10s spread in the Treasury market compressed by five basis points, which acted as a headwind for PNC and the bank stocks. The 10-yr yield settled lower by five basis points to 1.28% after touching 1.35% prior to the CPI report, while the 2-yr yield was unchanged at 0.21%. The U.S. Dollar Index was little changed at 92.66. It would be remiss to not mention that WTI crude futures ($70.46/BBL, unch) staved off selling interest as the IEA increased its global oil demand outlook for 2022. In addition, Microsoft ($MSFT 299.79, +2.80, +0.9%) rose about 1.0% after its price target was raised to $331 from $305 at Morgan Stanley. Reviewing Tuesday's economic data: Total CPI increased 0.3% month-over-month (Briefing.com consensus +0.4%) while core CPI, which excludes food and energy, was up a tame 0.1% (Briefing.com consensus +0.3%). That left total CPI up 5.3% year-over-year, versus 5.4% in July, and core CPI up 4.0% versus 4.3% in July.The key takeaway from the report is that the better-than-feared numbers have tempered some of the angst about rising inflation pressures and will presumably provide the Fed some cover to wait and watch the data a little longer before making any formal tapering announcement.The NFIB Small Business Optimism Index increased to 100.1 in August from 99.7 in July, Looking ahead, investors will receive Industrial Production and Capacity Utilization for August, the Empire State Manufacturing Survey for September, Import and Export Prices for August, and the weekly MBA Mortgage Applications Index on Wednesday. S&P 500 +18.3% YTDNasdaq Composite +16.7% YTDDow Jones Industrial Average +13.0% YTDRussell 2000 +11.9% YTD Source: (Briefing.com) Disclosure: I may trade in the ticker symbols mentioned, both long or short. My articles represent my personal opinion and analysis and should not be taken as investment advice. Readers should do their own research before making decisions to buy or sell securities. Trading and investing include risks, including loss of principal. If you liked this article, please click the LIKE (thumbs up) button. Feel free to leave any comments, question, or opinions. (Sign-up if you haven't already done so). Follow us/bookmark us and check back occasionally for additional articles or comments on our page... Wild Tiger Trading - start/main page. .