Magical Trade
Tuesday, October 3, 2023
  • Home
  • Trade News
  • Email Whitelisting
  • Privacy Policy
No Result
View All Result
  • Home
  • Trade News
  • Email Whitelisting
  • Privacy Policy
No Result
View All Result
Magical Trade
No Result
View All Result
Home Trade News

Dow falls more than 600 points after inflation hits 40-year high, consumer sentiment plummets

by
June 10, 2022
in Trade News
0
0
SHARES
0
VIEWS
Share on FacebookShare on Twitter

RELATED POSTS

Does Putting Your Home in a Trust Protect It From Medicaid?

Top CD Rates Today: 10 CDs Pay 5.75% or More for 6 to 17 Months

Stock futures dropped on Friday morning after a highly anticipated inflation report showed a faster-than-expected rise in prices.

Futures tied to the Dow Jones Industrial Average shed 279 points, or 0.9%. Those for the S&P 500 fell 1.1%, while Nasdaq 100 futures sank 1.4%.

The May consumer price index report came in hotter than expected, 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 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 reading could lead traders to price in more rate hikes from the Federal Reserve later this year. The 2-year Treasury yield, which is seen as one of the most sensitive to Fed rate hikes, jumped above 2.8% on Friday.

The move in futures comes after stocks fell sharply during Thursday’s regular session, with the S&P 500 and Nasdaq Composite each falling more than 2%. The Dow closed down more than 600 points, losing roughly 400 points during a rocky final hour of trading on Wall Street.

For the week so far, the Dow is lower by 1.9%, on track for its 10th down week in the past 11. The S&P 500 and Nasdaq Composite are both off by more than 2%, on track for their ninth losing week in 10.

Stock picks and investing trends from CNBC Pro:

Buffett disciple has just one U.S. stock in his portfolio — and it’s a chip stock

David Einhorn says the Fed is bluffing and doesn’t have the tools to squash this inflation

Stanley Druckenmiller says the bear market has a ways to run and a recession is in the cards

“I think there’s still a pretty high degree of pessimism that helps underpin the market, and the back-and-forth action is really the market trying to make sense of the next direction and waiting for news flow,” said Yung-Yu Ma, chief investment strategist at BMO Wealth Management.

Later on Friday, a preliminary consumer sentiment reading for June is due out after the stock market opens.

ShareTweetPin

Related Posts

Does Putting Your Home in a Trust Protect It From Medicaid?

by
October 3, 2023
0

Top CD Rates Today: 10 CDs Pay 5.75% or More for 6 to 17 Months

by
October 3, 2023
0

Market Update: BDX

by
October 3, 2023
0

Analyst Report: Becton, Dickinson And Co.

by
October 3, 2023
0

Is Trade Ideas The Best Stock Research Website? Unraveling Its Potential

by
October 3, 2023
0

Next Post

U.S. drops Covid testing requirement for international travelers

Inflation continues to rise--and gas prices are up nearly 50% since last year

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

email

Get the daily email about stock.

Please Enter Your Email Address:



By opting in you agree to our Privacy Policy. You also agree to receive emails from us and our affiliates. Remember that you can opt-out any time, we hate spam too!

MOST VIEWED

  • Fund manager believes FAANG is dead — says now it’s all about MANTA

    0 shares
    Share 0 Tweet 0
  • Forget Tesla — this auto stock is the one to buy right now, analyst says

    0 shares
    Share 0 Tweet 0
  • Bank of America names its top global tech stocks — including one it says has upside of 100%

    0 shares
    Share 0 Tweet 0
  • This idiot-proof portfolio has beaten traditional stocks and bonds over 50 years

    0 shares
    Share 0 Tweet 0
  • Interactive Brokers’ Thomas Peterffy sees the stock market dropping another 15% from here

    0 shares
    Share 0 Tweet 0
  • Home
  • Trade News
  • Email Whitelisting
  • Privacy Policy
All rights reserved by www.magicaltrade.net
No Result
View All Result
  • Email Whitelisting
  • Home
  • Privacy Policy

All rights reserved by www.magicaltrade.net