Industrial and healthcare shares limited the Dow’s decline but the blue-chip average reversed course late in the session to snap a three-day streak of record closing highs. — Reuters picNEW YORK, May 11 — Wall Street closed lower yesterday as inflation jitters drove investors away from market-leading growth stocks in favour of cyclicals, which stand to benefit most as the economy reopens.
A demand resurgence is colliding with strained supply of basic materials, helping to fuel inflation worries. “There’s still some push and pull as to whether the market believes inflation is transitory or something that’s going to stick around,” Nolte said. The Dow Jones Industrial Average fell 34.94 points, or 0.1 per cent, to 34,742.82, the S&P 500 lost 44.17 points, or 1.04 per cent, to 4,188.43 and the Nasdaq Composite dropped 350.38 points, or 2.55 per cent, to 13,401.86.
Analysts now see year-on-year S&P earnings growth of 50.4 per cent on aggregate, more than double the rate forecast at the beginning of April and significantly better than the 16 per cent first-quarter growth expected on January 1, per Refinitiv Electric vehicle stocks put on the brakes, with Tesla Inc down 6.4 per cent and Fisker off 9.0 per cent after Workhorse Group missed quarterly revenue expectations. Workhorse lost 14.9 per cent on the day.
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