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A trader works on the floor of the New York Stock Exchange January 6, 2014.
REUTERS/Brendan McDermid
  • US stocks drifted from records as investors braced for key inflation data out tomorrow.
  • Wall Street is worried overheating inflation may force the Federal Reserve to change its ultra-easy monetary policy.
  • Bitcoin recovered from its slump as El Salvador said it is adopting the crypto as legal tender.
  • Sign up here our daily newsletter, 10 Things Before the Opening Bell.

US stocks slipped into the close, stumbling away from record highs as investors await key inflation data out tomorrow. The yield on 10-year US Treasury declined five basis points to 1.49%

"Like waiting for the first Star Wars movie sequel, investors are holding their breath for what is expected to be a blockbuster May CPI report," said Sam Stovall, CFRA chief investment strategist. "Yet in the face of such 'inflation certainty,' the 10-year yield has fallen below 1.5%, possibly due to the DC gridlock that likely stamped 'DOA' atop the $1.7 trillion Biden infrastructure proposal and questions the need for further fiscal assistance."

Here's where US indexes stood at the 4 p.m. ET close on Wednesday:

Bitcoin rose back above $36,000, boosted by El Salvador's historic move in becoming the first country to establish bitcoin as legal tender. This gives the cryptocurrency the same status as the US dollar in the country.

Shares of Lordstown Motors slumped, deepening losses from the previous session after the electric-vehicle maker said it doesn't have enough cash to start producing its Endurance truck and warned that it may have to shut down altogether.

In more encouraging SPAC news, retail investors will be able to buy into the IPOs of four blank-check companies run by Chamath Palihapitiya through SoFi's trading platform, SEC filings revealed.

West Texas Intermediate crude fell 0.4% to $70 per barrel. Brent crude, oil's international benchmark, dropped 0.29%, to $72.01 per barrel.

Gold dipped 0.1% to $1,891 per ounce.

Read the original article on Business Insider