{"id":45478,"date":"2022-06-10T22:04:03","date_gmt":"2022-06-10T22:04:03","guid":{"rendered":"https:\/\/harchi90.com\/wall-st-suffers-biggest-weekly-loss-since-january-after-hot-cpi-data\/"},"modified":"2022-06-10T22:04:03","modified_gmt":"2022-06-10T22:04:03","slug":"wall-st-suffers-biggest-weekly-loss-since-january-after-hot-cpi-data","status":"publish","type":"post","link":"https:\/\/harchi90.com\/wall-st-suffers-biggest-weekly-loss-since-january-after-hot-cpi-data\/","title":{"rendered":"Wall St suffers biggest weekly loss since January after hot CPI data"},"content":{"rendered":"<div>\n<div class=\"article-body__context_widget__1xxEe article-body__element__2p5pI\">\n<div class=\"context-widget__content__1X4Oq\">\n<ul class=\"summary__summary__31feP\">\n<li data-testid=\"Body\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__medium__1kbOh text__body__yKS5U body__base__22dCE body__body_alt__2kEQu summary__point__NO-2F\">Consumer price index rose to 1% in May from 0.3% in April<\/li>\n<li data-testid=\"Body\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__medium__1kbOh text__body__yKS5U body__base__22dCE body__body_alt__2kEQu summary__point__NO-2F\">Netflix falls after Goldman Sachs downgrades to &#8216;sell&#8217;<\/li>\n<li data-testid=\"Body\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__medium__1kbOh text__body__yKS5U body__base__22dCE body__body_alt__2kEQu summary__point__NO-2F\">Indexes: Dow down 2.7%, S&#038;P 500 down 2.9%, Nasdaq down 3.5%<\/li>\n<\/ul>\n<\/div>\n<\/div>\n<p data-testid=\"paragraph-0\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">NEW YORK, June 10 (Reuters) &#8211; US stocks posted their biggest weekly percentage declines since January and ended sharply lower on the day Friday as a steeper-than-expected rise in US consumer prices in May fueled fears of more aggressive interest rate hikes by the Federal Reserve.<\/p>\n<p data-testid=\"paragraph-1\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">Tech and growth stocks, whose valuations rely more heavily on future cash flows, led the decline.  Microsoft Corp (MSFT.O), Amazon.com Inc (AMZN.O) and Apple Inc (AAPL.O) drove losses in the S&#038;P 500.<\/p>\n<p data-testid=\"paragraph-2\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">Following the inflation report, two-year Treasury yields, which are highly sensitive to rate hikes, spiked to 3.057%, the highest since June 2008. Benchmark 10-year yields reached 3.178%, the highest since May 9.<\/p>\n<div class=\"registration-prompt__container__2jf5K registration-prompt__inline__2WDU- article-body__element__2p5pI article-body__inline-registration-prompt__1-N9W\">\n<div class=\"registration-prompt__text-content__o0YET\">\n<h5 data-testid=\"Heading\" class=\"text__text__1FZLe text__white__3r45t text__medium__1kbOh text__heading_5__2krbj heading__base__2T28j heading__heading_5__2A2g- registration-prompt__heading__3fq-h\">Register now for FREE unlimited access to Reuters.com<\/h5>\n<p><button data-testid=\"Button\" class=\"button__button__2Ecqi button__secondary__18moI button__round__1nYLA text-button__container__3q3zX registration-prompt__button-text__3kTtQ\" type=\"button\"><\/p>\n<p><span data-testid=\"Text\" class=\"text__text__1FZLe text__inherit-color__3208F text__bold__2-8Kc text__default__UPMUu text-button__medium__113uZ\">Register<\/span><\/p>\n<p><\/button><\/div>\n<\/div>\n<p data-testid=\"paragraph-3\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">The US Labor Department&#8217;s report showed the consumer price index (CPI) increased 1.0% last month after gaining 0.3% in April.  Economists polled by Reuters had forecast the monthly CPI picking up 0.7%.<\/p>\n<p data-testid=\"paragraph-4\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">Year-on-year, CPI surged 8.6%, its biggest gain since 1981 and following an 8.3% jump in May.  read more <\/p>\n<p data-testid=\"paragraph-5\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">Stocks have been volatile this year, and recent selling has largely been tied to worries over inflation, rising interest rates and the likelihood of a recession.<\/p>\n<p data-testid=\"paragraph-6\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">&#8220;Today&#8217;s report should extinguish any pretense that a &#8216;pause&#8217; in rate hikes will likely be appropriate by the end of summer, as the Fed is clearly still behind the eight ball on bringing inflation under control,&#8221; said Jason Pride, chief investment officer for private wealth at Glenmede in Philadelphia.<\/p>\n<p data-testid=\"paragraph-7\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">The Dow Jones Industrial Average (.DJI) fell 880 points, or 2.73%, to 31,392.79;  the S&#038;P 500 (.SPX) lost 116.96 points, or 2.91%, to 3,900.86;  and the Nasdaq Composite (.IXIC) dropped 414.20 points, or 3.52%, to 11,340.02.<\/p>\n<div class=\"article-body__element__2p5pI\" data-testid=\"gallery-0\" domain=\"https:\/\/www.reuters.com\" article_url=\"\/markets\/europe\/sp-dow-futures-dip-ahead-monthly-inflation-report-2022-06-10\/\">\n<div class=\"inline-gallery__detail__3ZG21\">\n<div class=\"caption__container__1o2DX inline-gallery__caption__1BuRa\">\n<p data-testid=\"Body\" class=\"text__text__1FZLe text__white__3r45t text__regular__2N1Xr text__small__1kGq2 body__base__22dCE body__caption__3L8vY caption__text__GE-bd caption__collapsed__XIFyB\">A trader works on the trading floor at the New York Stock Exchange (NYSE) in Manhattan, New York City, US, May 20, 2022. REUTERS \/ Andrew Kelly<\/p>\n<p><button data-testid=\"Button\" class=\"button__button__2Ecqi button__ghost__1gV9w button__round__1nYLA text-button__container__3q3zX caption__readmore__V8B-O caption__collapsed__XIFyB\" type=\"button\"><\/p>\n<p><span data-testid=\"Text\" class=\"text__text__1FZLe text__inherit-color__3208F text__bold__2-8Kc text__default__UPMUu text-button__medium__113uZ\">Read More<\/span><\/p>\n<p><\/button><\/div>\n<\/div>\n<\/div>\n<p data-testid=\"paragraph-8\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">The major indexes registered their biggest weekly percentage drops since the week ended Jan. 21, with the Dow down 4.58%, the S&#038;P 500 down 5.06% and the Nasdaq down 5.60% for the week.<\/p>\n<p data-testid=\"paragraph-9\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">The S&#038;P 500 is now down 18.2% for the year so far.<\/p>\n<p data-testid=\"paragraph-10\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">On Friday, the S&#038;P 500 growth index (.IGX) took a 3.7% hit, while the value index (.IVX) fell 2.2%.<\/p>\n<p data-testid=\"paragraph-11\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">The inflation report was published ahead of an anticipated second 50 basis points rate hike from the Fed on Wednesday.  A further half-percentage-point is priced in for July, with a strong chance of a similar move in September.<\/p>\n<p data-testid=\"paragraph-12\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">One worry is that an aggressive push higher on rates by the Fed could send the economy into recession.  read more <\/p>\n<p data-testid=\"paragraph-13\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">Among the day&#8217;s losers, Netflix Inc (NFLX.O) slid 5.1% after Goldman downgraded the streaming video giant&#8217;s stock to &#8220;sell&#8221; from &#8220;neutral&#8221; due to a possibly weaker macro environment.<\/p>\n<p data-testid=\"paragraph-14\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">Declining issues outnumbered advancing ones on the NYSE by a 5.70-to-1 ratio;  on Nasdaq, a 4.05-to-1 ratio favored decliners.<\/p>\n<p data-testid=\"paragraph-15\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">The S&#038;P 500 posted one new 52-week high and 44 new lows;  the Nasdaq Composite recorded 17 new highs and 326 new lows.<\/p>\n<p data-testid=\"paragraph-16\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">Volume on US exchanges was 12.62 billion shares, compared with the 11.88 billion average for the full session over the last 20 trading days.<\/p>\n<div class=\"registration-prompt__container__2jf5K registration-prompt__inline__2WDU- article-body__element__2p5pI\">\n<div class=\"registration-prompt__text-content__o0YET\">\n<h5 data-testid=\"Heading\" class=\"text__text__1FZLe text__white__3r45t text__medium__1kbOh text__heading_5__2krbj heading__base__2T28j heading__heading_5__2A2g- registration-prompt__heading__3fq-h\">Register now for FREE unlimited access to Reuters.com<\/h5>\n<p><button data-testid=\"Button\" class=\"button__button__2Ecqi button__secondary__18moI button__round__1nYLA text-button__container__3q3zX registration-prompt__button-text__3kTtQ\" type=\"button\"><\/p>\n<p><span data-testid=\"Text\" class=\"text__text__1FZLe text__inherit-color__3208F text__bold__2-8Kc text__default__UPMUu text-button__medium__113uZ\">Register<\/span><\/p>\n<p><\/button><\/div>\n<\/div>\n<p><span data-testid=\"Text\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__default__UPMUu sign-off__text__PU3Aj\">Additional reporting by Devik Jain, Mehnaz Yasmin and Shreyashi Sanyal in Bengaluru and Davide Barbuscia in New York;  Editing by Jonathan Oatis<\/span><\/p>\n<p data-testid=\"Body\" class=\"text__text__1FZLe text__dark-grey__3Ml43 text__regular__2N1Xr text__large__nEccO body__base__22dCE body__large_body__FV5_X article-body__element__2p5pI\">Our Standards: The Thomson Reuters Trust Principles.<\/p>\n<\/div>\n<p>    .<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Consumer price index rose to 1% in May from 0.3% in April Netflix falls after Goldman Sachs downgrades to &#8216;sell&#8217; Indexes: Dow down 2.7%, S&#038;P 500 down 2.9%, Nasdaq down 3.5% NEW YORK, June 10 (Reuters) &#8211; US stocks posted their biggest weekly percentage declines since January and ended sharply lower on the day Friday &hellip;<\/p>\n<p class=\"read-more\"> <a class=\"\" href=\"https:\/\/harchi90.com\/wall-st-suffers-biggest-weekly-loss-since-january-after-hot-cpi-data\/\"> <span class=\"screen-reader-text\">Wall St suffers biggest weekly loss since January after hot CPI data<\/span> Read More &raquo;<\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"site-sidebar-layout":"default","site-content-layout":"default","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","theme-transparent-header-meta":"","adv-header-id-meta":"","stick-header-meta":"","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","spay_email":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[8],"tags":[56,430,24,7251,30,37,41,21,1581,64,44,46,22,48,285,75,57],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"fifu_image_url":"https:\/\/www.reuters.com\/resizer\/b5H7M3pVhZjAimMNUCWca2ZwxLQ=\/1200x628\/smart\/filters:quality(80)\/cloudfront-us-east-2.images.arcpublishing.com\/reuters\/MWGCSXXDZVLXPI6S2I6BGZCHXU.jpg","_links":{"self":[{"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/posts\/45478"}],"collection":[{"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/comments?post=45478"}],"version-history":[{"count":0,"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/posts\/45478\/revisions"}],"wp:attachment":[{"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/media?parent=45478"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/categories?post=45478"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/harchi90.com\/wp-json\/wp\/v2\/tags?post=45478"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}