Wall St drops as investor jitters climb before CPI data Friday - SABC News - Breaking news, special reports, world, business, sport coverage of all South African current events. Africa's news leader.

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US stocks sold off sharply Thursday as investor anxiety heightened ahead of data on Friday that is expected to show consumer prices remained elevated in May.

Mega-cap growth stocks led the drop, with Apple Inc and Amazon.com Inc falling 3.6% and 4.2%, respectively, and putting the most pressure on the S&P 500 and the Nasdaq.

Recent sharp gains in oil prices also weighed on sentiment before Friday’s US consumer price index report. The data is expected to show that consumer prices rose 0.7% in May, while the core consumer price index , which excludes the volatile food and energy sectors, rose 0.5% in the month. The central bank has raised its short-term interest rate by three-quarters of a percentage point this year and intends to keep at it with 50 basis points increases at its meeting next week and again in July.

 

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