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US stock markets fall on higher than expected inflation print

US stock markets were red again overnight as the Dow Jones extended a five-day losing streak, falling 1%, after stronger than expected inflation data was released.

A core inflation print of 6.2% showed a marked slowing from the 40-year high of 6.5% in the prior month but was ahead of forecasts. Headline inflation fell from 8.5% to 8.3%.

The Nasdaq remained weak, falling 3.2% as the likes of Apple (NASDAQ: AAPL) and Amazon (NASDAQ: AMZN) fell 5% and 3%, respectively.

The S&P 500 was slightly better, falling 1.7% after the US recorded a massive monthly budget surplus on tax receipts that could see the deficit fall below US$1 trillion for the first time in three years.

Oil rallied amid signs that COVID-19 cases in China were easing, suggesting lockdowns may come to an end soon.

Disney beats estimates

Shares in Disney (NYSE: DIS) fell 2% despite reporting a stronger than expected result for its streaming division.

Disney+ has hit 137.7 million subscribers after reporting a gain of another 7.9 million during the quarter, reversing the trend at Netflix.

Revenue fell short of expectations as the company experienced a $1 billion hit for ending a licensing deal, with quarterly profit nearly halving over the year-ago period to US$470 million.

Back home on the ASX, the S&P/ASX 200 (ASX: XJO) is tipped to follow this negative lead from US stock markets to open lower this morning. For a round-up of the latest news, check out my ASX 200 morning report.

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Disclosure: At the time of publishing, Drew owns shares in Disney.