Reuters.- Wall Street lost ground this afternoon, since economic uncertainty and the probability of a The rise in corporate tax weighed on investor sentiment and counteracted signs of a moderation in inflation.

Optimism waned as the session on Wall Street progressed, reversing an initial rebound after the Labor Department’s consumer price index report. All three major market indices ended lower, reminding investors that September is a historically difficult month for stocks.

So far this month, the S&P 500 has lost 1.8%, even though it has gained more than 18% since the beginning of the year.

“There is a possibility that the market is simply prepared to go through a correction that should already have occurred”said Sam Stovall, chief investment strategist at CFRA Research in New York.

The arrival of the Delta variant of the Covid, very contagious, has encouraged a pessimistic mood on the recovery from the global health crisis, with many now expecting a substantial stock market correction by the end of the year.

Read more: Chevron triples low-carbon investment, promises $ 10 billion by 2028

“We’re still in a corrective mode that people have been asking for for months,” said Paul Nolte, a Wall Street-based portfolio manager at Kingsview Asset Management. “The economic data have not met the estimates, and that has coincided with the increase in the Delta variant.”

The consumer price index report returned an August reading below the consensus, a slowdown that supports Federal Reserve Chairman Jerome Powell’s assertion that the The rise in inflation is temporary and calms the market’s fear that the central bank will begin to tighten monetary policy earlier than expected.

The long-awaited corporate tax hike, to 26.5% from 21% if Democrats prevail, is getting closer and closer to being realized with US President Joe Biden’s $ 3.5 trillion budget package.

The Industrial Average Dow Jones fell 292.06 points, or 0.84%, at 34,577.57 units, the S&P 500 lost 25.68 points, or 0.57%, to 4,443.05 units and the Nasdaq is down 67.82 points, or 0.45%, to 15,037.76 units.

The actions of Apple Inc fell 1% after the company introduced its iPhone 13 and added features to its iPad and Apple Watch gadgets, at its biggest product launch event of the year, as it faces heightened scrutiny in the courts over its business practices.

It may interest you: Peso interrupts rising streak and stock market gains after inflation data in the US