Posted on 06/10/2022 7:15:35 AM PDT by John W
Stocks dropped on Friday morning after a highly anticipated inflation report showed a faster-than-expected rise in prices.
The Dow Jones Industrial Average shed 755 points, or 2.3%. The S&P 500 fell 2.5%, while Nasdaq Composite sank nearly 3%.
The May consumer price index report came in at its highest level since 1981, putting pressure on the stock market. The report showed prices rising 8.6% year over year, and 6% when excluding food and energy prices. Economists surveyed by Dow Jones were expecting year over year increases of 8.3% for the main index and 5.9% for the core index.
"It's confirming some of the fears I've been hearing from investors this week," said Lori Calvasina, head of U.S. equity strategy at RBC Capital Markets. She said alarm over inflation has been driving stocks lower this week.
"Does it sort of force equities to stay at the bottom the range it's been in? Perhaps. I don't think this is enough to force it down to new lows," Calvasina added.
The hot inflation flamed concerns about a potential recession for the U.S. economy. Elsewhere, the preliminary June reading for the University of Michigan consumer sentiment index came in well below expectations, hitting a record low.
The sell-off was broad, with nearly every member of the 30-stock Dow in the red. Apple dropped 2.9%, while Microsoft and Dow, Inc. fell more than 3%.
(Excerpt) Read more at stocks.apple.com ...
Joe’s on fire!…
CPI came in at 8.6%
The Dow jumps out a window
DOW falls 700 points after Dims present staged Jan 6 episode.
I’m sure they are all giddy with delight! Their take down of America is progressing nicely.
So much for trying to distract Americans (with a Liz Cheney commercial) from the economic disaster.
BS on only 8.6% over last year. Congress gave themselves a 21% raise, that’s closer to the real number.
A recession is nearing fast.
This number is total BS they don’t include food and gas in the numbers which is ridiculous!!!
I just checked Gold and Silver. They are flat. Weird.
Yep, people are frightened witnessing this economic collapse realizing their government is more concerned with scoring political points. When you realize the Dems hate Americans and will only focus on their re-election and not the economy, the economy gets worse.
there is one good thing ... with modern construction of storm proof windows, folks are not so apt to find themselve suddenly falling out of them from great heights!
Yep, it’s no coincidence.
700 points would have been a big deal in 2001.
I don’t know where people are going…
Putin’s Stock Market Crash!
/sarc
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