US stocks fall as broad sell-off continues after fresh inflation print
- US stocks continued to turn lower Thursday, as investors take in fresh
- On Thursday, the government reported a Producer Price Index about 11% higher than April last year.
US stocks continued to trade in the red Thursday, adding to the previous session's losses as investors digest key inflation readings.
Producer Price Index data released on Thursday showed wholesale prices jumped 0.5% in April and 11% year-over-year. This comes on the heels of Wednesday's Consumer Price Index data that showed prices increased 8.3% in the year through April, lower than March's reading but still higher than expected.
"The Fed right now needs to be a little bit more open minded, not try to just give us good news. Be brutally honest," Mohamed El-Erian said in an interview with CNBC on Wednesday.
Here's where US indexes stood as the market opened 9:30 a.m. on Thursday:
- S&P 500: 3,891.98, down 1.1%
- Dow Jones Industrial Average: 31,529.89, down 0.96% (304.22 points)
- Nasdaq Composite: 11,180.86, down 1.61%
Bitcoin, ether, cardano, and other cryptocurrencies continued to plunge Thursday, as the
Cathie Wood's Ark Invest used the market plunge as a buying opportunity and snagged nearly $3 million in Coinbase shares as the crypto exchange's stock tumbled as much as 28%.
Warren Buffett, separately, initially invested in Apple after learning how upset his friend was about losing his iPhone, according to a new book.
Italy's prime minister said companies can still buy Russian natural gas in rubles as the European Union scrambles to keep fuel flowing. Still, natural gas prices on the continent soared over supply disruptions and amid the blockage of a key route in Ukraine.
Bitcoin continued to slide, falling 3.37% to $28.447.95.
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