The Dow plunged nearly 500 points since February as inflation concerns mounted ahead of the monthly consumer price index report
Pressure is building ahead of Wednesday’s consumer price index report.
ToplineAfter a forceful Monday selloff, the market plunged again Tuesday as inflation concerns mounted ahead of the monthly consumer price index report, putting massive pressure on stocks in industries that were hardest-hit by the pandemic.A trader keeps an eye on things on the floor of the New York Stock Exchange.
© 2019 Bloomberg Finance LPKey FactsThe Dow Jones Industrial Average fell 472 points, or 1.4%, to 34,271 on Tuesday, marking its worst daily showing sinceplummeting560 points on February 28; the S&P 500 fell 0.9%.Though it led morning losses, the tech-heavy Nasdaq pared back a steep 2% plunge to end the day down just 0.1%, pushing it about 5.5% below a late-April high.
“What started in technology earlier this month has finally moved over to the broader markets," LPL Financial Chief Market Strategist Ryan Detrick said of the Tuesday sell-off, noting that continued supply chain and labor shortages are adding to the inflationary pressures spooking investors. headtopics.com
Among Dow stocks that fell hardest Tuesday were Home Depot, Travelers Insurance, Chevron and American Express, down between 2.5% and 3.2% apiece.In the S&P, apparel-maker Hanesbrands plunged 12% after aearnings report, while energy companies Pioneer Natural Resources and Occidental Petroleum tanked 8% and 5%, respectively, on fuel shortage fears following the gas pipeline shutdown in the East Coast.
Despite the market weakness, biotech firm Ginkgo BioworksTuesday that it’s raised $2.5 billion to go public, via a special purpose acquisition company, in a deal that values the 12-year-old company at more than $15 billion—100 times the company’s expected 2021 sales of $150 million.
Crucial Quote “With China and the U.S., the world’s two largest economies, showing signs of rising inflationary pressures, investors are getting nervous,” Sophie Griffiths, a market analyst at Oanda, wrote in a Tuesday note. “The overriding fear is that pandemic stimulus combined with reopening economies will spark a sharp drive high in inflation, forcing central banks to take action, tightening policy and potentially slowing down the economic recovery.”
Key Background Read more: Forbes »
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Dow falls over 300 points early Tuesday as tech stocks get slammed amid renewed inflation fearsU.S. stock benchmarks opened solidly lower Tuesday, with inflation worries seen keeping pressure on previously highflying tech stocks. The Dow Jones... In light of the speculative euphoria investors have enjoyed since the start of the year, a selloff isn't a surprising event. lawsuits are a joke shorts are over-leveraged if we move the spread they blow up who wants poultry let's devour these vultures $SQBG target 🎯500
The Dow dove as the Big Tech sell-off continued — Here's what investors say about the market nowThe Dow fell more 600 points earlier in the day as the Big Tech sell-off continued. Here's what investors say about the market now. FreePalestine PalestinianLivesMatter PalestineWillBeFree SaveSheikhJarrah Im no expert - but i can tell u were fuked - market crash incoming You sure that's what it was though?
Nasdaq ends wild day flat after Big Tech reversal, Dow drops 470 points for worst day since FebruaryIt was one of the wildest days of the year for the U.S. stock market with technology shares as the battleground. The Dow was down 1.36%. The S&P 500 fell 0.87%. The Nasdaq was down 0.09%. The analysts suggest that it was caused by the upturn in projected inflation
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