Wall Street indices ended the day trading lower on Wednesday, amid mounting inflationary pressures in the United States and concerns about how the Federal Reserve will meet those challenges.
The Dow Jones industrial average fell 1% or 327 points to 31,834.
Standard & Poor’s was down 1.6% or approximately 66 points at 3935 points, while the Nasdaq was down 3.2% or 373 points at 11.364 points.
U.S. Treasury earnings fell on the back of economic data, recording a 10-year bond yield of 2.92% during trading, up from 3% earlier today.
As for individual stocks, technology stocks saw strong losses in the end as meta stocks fell 4.5%, while Microsoft and Netflix stocks fell 3.3% and 6.3%, respectively.
U.S. consumer price growth slowed sharply in April as petrol prices fell to an all-time high, indicating inflation has peaked, but the Federal Reserve may be ready to raise interest rates.
The Labor Department said Wednesday that the consumer price index rose 0.3 percent last month, the lowest increase since August last year. This reflects the monthly change in the consumer price index, which rose 1.2 percent in March, the largest increase since September 2005.
But the recession of the CBI will be temporary. According to the Energy Information Administration, petrol prices, which had largely contributed to the decline in monthly inflation, rose again and touched a low of $ 4,161 earlier this week.
Russia’s war against Ukraine is a major driver of rising petrol prices. The war also led to a rise in world commodity prices.
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