US stocks drop to their worst day since July as inflation worsens
NEW YORK — U.S. stocks dropped to their worst day since July on Wednesday following the latest signal that inflation is getting worse. The S&P 500 sank 1.1 percent for a fifth loss in the six days since setting its all-time high. The Dow Jones Industrial Average fell 48 points, or 0.1 percent, and the Nasdaq composite slid 1.9 percent as stocks in the artificial-intelligence industry led the way…
U.S. stocks suffered their worst day since July as inflation worsened, according to Wednesday's market report. The S&P 500 declined 1.1 percent, marking the fifth loss in six days since the index reached its highest point ever. The Dow Jones Industrial Average slipped by 48 points, or 0.1 percent, while the Nasdaq composite dropped 1.9 percent, with technology stocks in the artificial-intelligence sector leading the downward trend.
The bond market pressure contributed to the stocks' decline, as concerns mounted over rising yields after a report revealed that U.S. consumers faced a 3.7 percent increase in fuel, food, and other living expenses compared to the previous year. This data indicated that inflation surged from 3.4 percent in August to 3.7 percent, surpassing the 3.6 percent expectation among economists.
The persistent inflation problem has troubled the economy since its rapid recovery from the COVID-19 pandemic. The issue has intensified recently due to fuel price surges driven by the ongoing conflict with Iran, as the price of a barrel of Brent crude oil increased by 0.4 percent to reach $106.06 on Wednesday.
Written by urgent.news from The Korea Times's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
This story
This is one outlet's version. Read the fullest account.
