- US
stocks resumed a sell-off Wednesday, led by a 3% decline in the Nasdaq. Inflation in April rose to 8.3%, more than the 8.1% estimated in a Bloomberg survey of economists.
Stocks fell Wednesday and resumed a sell-off after the US April inflation reading showed signs of prices cooling but not by enough to convince the Federal Reserve to back away from aggressive rate hikes.
The
Stocks fell in Wednesday's session after the Bureau of Labor Statistics said the$4 in the year through April. Economists surveyed by Bloomberg expected the inflation gauge to rise by 8.1%. The reading was slower than the 8.5% rate in March that marked a 41-year high.
April core inflation, which strips out volatile food and energy prices, rose 0.6% month over month, higher than the consensus estimate of 0.4%. An index of airfares soared by nearly 19%, the largest one-month increase since that series started in 1963, $4.
"So, with elevated volatility and significant declines in
Here's where US indexes stood at 4:00 p.m. on Wednesday:
- S&P 500>$4: 3,935.25, down 1.64%
- Dow Jones Industrial Average>$4: 31,834.37, down 1.01% (326.37 points)
- Nasdaq Composite>$4: 11,364.24, down 3.18%
"Getting to a neutral policy stance in unquestionably necessary, but the Fed would do well to pause and take stock of the impact of its policies at that stage, since the unintended consequences of excessive tightening would be good to avoid," Rieder wrote.
The Fed has raised interest rates by 75 basis points since March to a range of 0.75% to 1% in a bid to combat high inflation. Stocks have dropped this year largely with investors concerned that more large Fed rate hikes that quickly push up borrowing costs will pull the world's largest
Around the markets, Bank of America says small cap stocks have $4 and are the cheapest in 11 years, while bigger names are set up for more downside ahead.
$4 tumbled after the trading platform for stocks and crypto missed analyst estimates with its$4.
Algorithmic stablecoin$4 slid as low as $0.30 as traders$4 in an asset that's set up to be pegged to the dollar.
Oil prices jumped.$4 rose 5.6% to $105.33 per barrel.$4 the international benchmark, gained 4.5% to $107.04.
$4 turned higher, rising 0.6% to $1,851.90 per ounce. The$4 turned lower, falling 8 basis points to 2.92%.
$4 fell 3.7% to $29,822.36.