U.S. stocks open sharply lower, Dow drops more than 500 points after hotter-than-expected inflation report

U.S. stocks opened sharply lower Thursday, with the Dow Jones Industrial Average falling more than 500 points, after the consumer-price index showed that inflation in September was hotter than forecast. The Dow DJIA, -0.94% was down 1.7% soon after the opening bell, while the S&P 500 SPX, -1.36% fell about 2.2% and the Nasdaq Composite COMP, -2.

02% dropped around 3%, according to FactSet data, at last check. The U.S. Bureau of Labor Statistics said Thursday that inflation measured by the consumer-price index rose 0.4% last month for an annual rate of 8.2%. Economists polled by The Wall Street Journal had expected a 0.3% rise. Core CPI, which excludes energy and food prices, climbed a sharp 0.6% in September, above the 0.4% increase anticipated by economists, to a new peak of 6.6% over the past 12 months.

Biden said inflation is only up an ‘inch’

Why are the analysts and “experts” always surprised by the inflation numbers? Anyone living in the real world, buying food, clothing, and other necessities for their family, knows inflation is out of control.

Australia Australia Latest News, Australia Australia Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Stock Market Today: Dow Gives Back Earlier Gains, 10-Year Treasury Yield Nears 4%Markets remained skittish over the U.K. pension-rescue plan. The pound slid and Nasdaq closed in a bear market after the BOE said bond buys will end Friday. When we sell they stop falling, instead the whole market and indexes start rising quickly. Then treasury yields, war etc don’t matter. If buy again they again start falling and indexes too. If we don’t buy, then there’s no fall.
Source: WSJ - 🏆 98. / 63 Read more »

These are the Dow stocks to buy and sell as rates surgeThe 10-year Treasury yield has been retesting a key 4% level since breaking above it last month for the first time since 2008.
Source: CNBC - 🏆 12. / 72 Read more »

SNAPSHOT Wall St opens lower on earnings anxietyU.S. stock indexes opened lower on Tuesday as investors awaited the earnings season to assess the impact of rising interest rates and inflation on corporate profit, while a rise in shares of drugmaker Amgen limited declines on the Dow. Dow is up 250 as of 11.46 am ET
Source: Reuters - 🏆 2. / 97 Read more »