Shares in New York ended lower, reversing modest opening gains after the latest inflation data showed that the disinflation narrative was intact, widening ever so slightly the door to a pivot to rate cuts.

A late wave of selling swept through the magnificent seven, paced by a 3 per cent tumble in Meta. Amazon, Alphabet, Apple and Microsoft each closed more than 1 per cent lower. Nvidia slipped 0.4 per cent. Tesla edged 0.2 per cent higher.