NEW YORK, Jan. 11 (Xinhua) — U.S. stocks ended mixed on Thursday, as U.S. Consumer Price Index(CPI) for December 2023 edged higher.

The Dow Jones Industrial Average rose 15.29 points, or 0.04 percent, to 37,711.02. The S&P 500 sank 3.21 points, or 0.07 percent, to 4,780.24. The Nasdaq Composite Index increased 0.54 points to 14,970.19.

Nine of the 11 primary S&P 500 sectors ended in red, with utilities and real estate leading the laggards by losing 2.34 percent and 0.96 percent, respectively. Meanwhile, technology and energy led the gainers by adding 0.44 percent and 0.16 percent, respectively.

The U.S. Bureau of Labor Statistics reported a 0.3 percent monthly increase in the CPI for December, surpassing the anticipated 0.2-percent rise. This translated to a 3.4 percent annual inflation rate, higher than the projected 3.2 percent. Similarly, the core CPI jumped 0.3 percent against November forecasts of 0.2 percent, although the annual rate retreated to 3.9 percent, but falling short of the predicted 3.8 percent.

“This uptick in CPI is a critical reminder of the unpredictable nature of economic recovery and the murkiness of the macro-economic data,” said Jon Maier, chief investment officer at Global X. “Markets may need to brace for potential volatility, as the Fed could maintain or potentially intensify its restrictive monetary policy stance in response to these inflationary pressures.”

Cleveland Fed President Loretta Mester said on Thursday the path of inflation back to the 2 percent target rate reflected in the latest CPI figures meant it was likely too soon to cut rates in March.

Richmond Fed President Tom Barkin said he was still waiting to be convinced the pace of price increases will stabilize and inflation gains have been too narrowly focused on goods.

U.S. Treasury yields rose on the back of the CPI data, with the yield on the 10-year Treasury note last trading at 4.045 percent. Cryptocurrency related stocks were lower in afternoon trade, reversing earlier gains on the first day of trading for 11 spot Bitcoin exchange traded funds (ETFs).

Ahead of its quarterly financial update on Friday, Citigroup said it will take about 3.8 billion dollars in one-time reserves and expenses in the results. According to Carson Group global macro strategist Sonu Varghese, big bank earnings on Friday should reflect a generally strong consumer, which should lend to a rosier picture for the U.S. economy and nominal GDP growth.