People walk by the New York Stock Exchange after global stocks fell as concerns mount that rising inflation will prompt central banks to tighten monetary policy on May 11, 2021 in New York City. — Getty Images via AFPWASHINGTON, May 17 — Wall Street stocks fell early today amid lingering inflation worries ahead of earnings later in the week from Walmart and other large retailers.
Concerns over rising inflation and a potential lurch in Federal Reserve monetary policy have pressured markets in recent weeks, leading to occasional waves of selling followed by bargain hunting. “The markets narrative has quickly pivoted to concerns over rising inflation and the potential for policymakers to rein in support sooner than expected,” said Art Hogan of National Securities.The broad-based S&P 500 also fell 0.5 per cent to 4,154.81, while the tech-rich Nasdaq Composite Index dropped 0.6 per cent to 13,349.21.
Among individual companies, AT&T jumped 4.2 per cent after agreeing to spin off its media companies, including HBO and CNN, with Discovery Network.Microsoft fell 1.0 per cent following a report that founder Bill Gates left the company’s board in 2020 during an investigation of the billionaire founder’s relationship with a female employee. — AFP