Shares Churn, Close Down; Yields Fall after U.S. Inflation Data
Wall Street stocks closed sharply lower and Treasury yields fell in Wednesday's volatile session as oil prices rallied and investors worried about the potential for an economic slowdown.
Wall Street stocks closed sharply lower and Treasury yields fell in Wednesday's volatile session as oil prices rallied and investors worried about the potential for an economic slowdown.
U.S. data showed higher-than-expected core inflation, excluding items such as oil prices. Some investors appeared encouraged by the annual consumer price growth change to 8.3% in April from 8.5% in March even though it was above the 8.1% analyst estimate. Gasoline prices have been rising again nationwide and were averaging $4.404 per gallon on Wednesday after hovering just above $4.00 in April, according to AAA.
That aspect was reinforced by the report from the Labor Department on Wednesday, which also showed underlying monthly inflation pressures building up again after a lull in March as airline ticket prices notched their biggest increase on record. Rents rose by the most since 2006, further squeezing consumers who also paid more for food and healthcare.
Tesla Drops To Number 2: Is Cathie Wood's Ark Invest Losing Confidence In Its Favorite Stock?
Tesla (TSLA) stock has been going downhill since peaking in early November 2021.
77% of Investment Fund Managers See Slowing Growth and High Inflation Taking Hold Over the Next Year
With a gallon of milk up about 25% since before the pandemic, and retail bacon 35% higher, it’s hard to imagine how US food inflation could get any worse.
India, Second-Largest Wheat Producer, Bans Exports amid Food Supply Concerns
India, the second-largest producer of wheat, has banned exports of the commodity, due to a risk to its food security.
