FILE - Trader Patrick King works the floor at the New York Stock Exchange, Thursday, May 12, 2022, in New York. Stocks fell sharply on Wednesday as the Stocks fell sharply on Wednesday as the Dow Jones Industrial Average gave up more than 1,100 points, or 3.6% and the tech-heavy Nasaq pulled back 4.7%. The S&P 500, the benchmark for many index funds, fell 4%.
The benchmark index is now down more than 18% from the record high it reached at the beginning of the year. That's shy ofThe Federal Reserve is trying to temper the impact from the highest inflation in four decades by raising interest rates. Many other central banks are on a similar track.
lost a quarter of its value after reporting earnings that fell far short of analysts' forecasts. Inflation, especially for shipping costs, dragged its operating margin for the first quarter to 5.3%. It had been expecting 8% or higher. Technology stocks, which led the market rally a day earlier, were the biggest drag on the S&P 500. Apple lost 5.6%, its biggest decline since September 2020.
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