• Fri. Dec 8th, 2023

U.S. stocks open sharply lower after June CPI data showed inflation was higher than expected


Jul 14, 2022 , , ,
Boeing stock jumps nearly 8% after maker's commercial-jet deliveries rise more than 50% in Q2

U.S. stocks opened sharply lower after the consumer-price index showed inflation rose in June more than expected, with the annual rate climbing to a nearly 41-year high of 9.1%. The Dow Jones Industrial Average

fell more than 350 points, or 1.2%,soon after the opening bell, while the S&P 500

fell 1.3% and the Nasdaq Composite

dropped 1.7%, FactSet data show, at last check. The U.S. Bureau of Labor Statistics said Wednesday that the consumer-price index rose 1.3% in June, bringing the inflation rate over the past year to 9.1%. Economists polled by the Wall Street Journal forecast the CPI data would show a monthly rise of 1.1%. In the bond market, the yield on the 10-year Treasury note

was up about 7 basis points at 3.03%, FactSet data show, at last check.

Image and article originally from www.marketwatch.com. Read the original article here.