Wall Street’s main indexes fell today, led by tech-related stocks, as investors feared that rising inflation could push the Federal Reserve to tighten monetary policy faster than expected. — Reuters picNEW YORK, May 11 — Wall Street’s main indexes fell today, led by tech-related stocks, as investors feared that rising inflation could push the Federal Reserve to tighten monetary policy faster than expected.
The yield on benchmark US 10-year Treasury note ticked up to session high of 1.629 per cent ahead of consumer price index report tomorrow. “If you’re valuing a high-growth company based on its earnings ten years out, those earnings into the future are worth a lot less today at higher inflation levels.”
At 10am ET, the Dow Jones Industrial Average fell 259.99 points, or 0.75 per cent, to 34,482.83, the S&P 500 lost 30.14 points, or 0.72 per cent, to 4,158.74 and the Nasdaq Composite lost 88.84 points, or 0.66 per cent, to 13,313.02.
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