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Wall Street sell-off gains momentum, Dow loses 400 points: Live updates
CNBC ^ | FEB 13 202410:33 AM EST | Lisa Kailai Han, Brian Evans

Posted on 02/13/2024 7:41:14 AM PST by Red Badger

Stocks dropped on Tuesday after hotter-than-expected inflation data for January spiked Treasury yields and raised doubts that the Federal Reserve would be able to cut rates several times this year, a key part of the bull case for the equity market.

The Dow Jones Industrial Average lost 464 points, or 1.2%. It had earlier in the day slipped more than 500 points, or 1.4%, in its biggest drop since March 2023, when it fell 1.63%. The S&P 500 slid 1.2%, and the Nasdaq Composite fell 1.3%.

The consumer price index rose 0.3% in January from December. CPI was up 3.1% on an annual basis. Economists polled by Dow Jones expected CPI to have increased by 0.2% month over month in January and 2.9% from a year earlier.

Core prices, which exclude volatile food and energy components, rose 0.4% month over month and 3.9% from a year ago. Core CPI was expected to have increased 0.3% in January and 3.7% from a year earlier, respectively.

“This may well come as a easy excuse to take some of the froth out of the top of this market that’s been universally higher thus far this year,” said Art Hogan, chief market strategist at B. Riley Financial. “The CPI was, as reported today, just a touch hotter than expectations and proof positive that we’re not on a linear path, but we’re on a path headed lower.”

The 2-year Treasury yield jumped above 4.6%, and the 10-year yield topped 4.27% following the CPI data. Tech shares including Microsoft and Amazon , which have led the market run to record highs as rates declined, led the losses in trading Tuesday. Microsoft lost 1.6%, while Amazon fell 1.1%.

Wall Street is coming off a mixed session in which the Dow closed at a record, while the S&P 500 ended the day down slightly along with the Nasdaq. All three of the major averages are riding a five-week winning streak.

In corporate news, JetBlue Airways spiked 13% after activist investor Carl Icahn reported a nearly 10% stake in the airline. Toymaker Hasbro lost nearly 6% after missing analyst expectations for the fourth quarter. Shares of Avis Budget Group slipped 17% on the back of disappointing fourth-quarter revenue.


TOPICS: Business/Economy; Government; News/Current Events; US: New York
KEYWORDS: economy; inflation; markets
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To: 38special

“Oh goody, stocks are on sale again”

My largest holding was down 6.5 at the low. Now down 2.2.


21 posted on 02/13/2024 8:42:03 AM PST by TexasGator
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To: TexasGator; MeneMeneTekelUpharsin
people that say it is totally rigged don’t understand how to invest.

You bet TexasGator, just ask Pelosi and many other corrupt professional politicians.

22 posted on 02/13/2024 8:56:51 AM PST by dragnet2 (Diversion and evasion are tools of deceit)
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To: Red Badger

Just a buying opportunity.


23 posted on 02/13/2024 8:57:28 AM PST by Jonny7797
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To: bigdaddy45

costco is an excellent investment.


24 posted on 02/13/2024 8:57:55 AM PST by Jonny7797
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To: The Louiswu

“Tell that to the people who got swindled by Wall Street during the GameStop episode.”

They weren’t investors but rather speculators and gamblers. It’s better over the long term to dollar cost average into index funds.


25 posted on 02/13/2024 8:58:00 AM PST by plain talk
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To: dragnet2

“You bet TexasGator, “

I don’t bet. I invest!


26 posted on 02/13/2024 9:05:01 AM PST by TexasGator
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To: TexasGator
people that say it is totally rigged don’t understand how to invest.

Just ask people like Pelosi and many other corrupt professional politicians how to invest.

Right TexasTrumpHater?

27 posted on 02/13/2024 9:07:38 AM PST by dragnet2 (Diversion and evasion are tools of deceit)
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To: dragnet2

Wrong. I pay nothing to live in your head rent free.


28 posted on 02/13/2024 9:32:15 AM PST by TexasGator
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To: TexasGator

Ya boy, the stock market isn’t manipulated or rigged...It’s all perfectly legitimate. Right TexasTrumpHater?


29 posted on 02/13/2024 9:36:52 AM PST by dragnet2 (Diversion and evasion are tools of deceit)
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To: dragnet2

“Ya boy, the stock market isn’t manipulated or rigged...It’s all perfectly legitimate.”

Sorry you lost.


30 posted on 02/13/2024 9:59:58 AM PST by TexasGator
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To: TexasGator

Dow now down 619...Yikes.
Whoops, make that 640

https://g.co/finance/.DJI:INDEXDJX


31 posted on 02/13/2024 11:06:01 AM PST by Braak (You get what you vote for - Some are going to get it good and hard.)
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To: TexasGator

Dow now down 619...Yikes.
Whoops, make that 640

lol...


32 posted on 02/13/2024 12:00:17 PM PST by dragnet2 (Diversion and evasion are tools of deceit)
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To: Zathras
But the Whitehouse said Bidenflation was only 3.1%

That was before the Senate passed a $95Billion package at Biden's request to aid Ukraine. Throw away US tax dollars, and inflation grows!

33 posted on 02/13/2024 12:34:29 PM PST by roadcat
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To: roadcat
"That was before AFTER the Senate passed a $95Billion package at Biden's request to aid Ukraine."
34 posted on 02/14/2024 9:44:19 AM PST by TexasGator
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To: ChuckHam

“Good excuse to take some profits and then jump back in at a lower price, rinse and repeat.”

I hope that is not what you did.


35 posted on 02/15/2024 12:15:54 PM PST by TexasGator
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To: TexasGator

No, I’m a long-term holder. I meant that some of that big loss earlier this week could have been profit taking with the intent to jump back in after taking those profits by the big investors.


36 posted on 02/16/2024 6:02:54 AM PST by ChuckHam
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