{"id":1248,"date":"2024-02-19T13:04:53","date_gmt":"2024-02-19T13:04:53","guid":{"rendered":"https:\/\/businesstriumphs.com\/index.php\/2024\/02\/19\/dow-tumbles-500-points-posts-worst-day-since-march-2023-after-hot-inflation-report\/"},"modified":"2024-02-19T13:04:53","modified_gmt":"2024-02-19T13:04:53","slug":"dow-tumbles-500-points-posts-worst-day-since-march-2023-after-hot-inflation-report","status":"publish","type":"post","link":"https:\/\/businesstriumphs.com\/index.php\/2024\/02\/19\/dow-tumbles-500-points-posts-worst-day-since-march-2023-after-hot-inflation-report\/","title":{"rendered":"Dow tumbles 500 points, posts worst day since March 2023 after hot inflation report"},"content":{"rendered":"
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Stocks dropped on Tuesday after hotter-than-expected inflation data for January spiked Treasury yields and raised doubts that the Federal Reserve would be able to cut rates several times this year, a key part of the bull case for the equity market.<\/p>\n

The\u00a0Dow Jones Industrial Average\u00a0lost 524.63 points, or 1.35%, for its worst session since March 2023 on a percentage basis. At its lows, the 30-stock index sunk 757.52 points, or 1.95%. The\u00a0S&P 500\u00a0slid 1.37%, while the\u00a0Nasdaq Composite\u00a0fell 1.8%.<\/p>\n

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The Russell 2000 also suffered, tumbling nearly 4% for its worst session since June 2022.<\/p>\n

The consumer price index rose 0.3%\u00a0in January from December. CPI was up 3.1% on an annual basis. Economists polled by Dow Jones expected CPI to have increased by 0.2% month over month in January and 2.9% from a year earlier.<\/p>\n

Core prices, which exclude volatile food and energy components, rose 0.4% month over month and 3.9% from a year ago. Core CPI was expected to have increased 0.3% in January and 3.7% from a year earlier, respectively.<\/p>\n

\u201cThis may well come as a easy excuse to take some of the froth out of the top of this market that\u2019s been universally higher thus far this year,\u201d said Art Hogan, chief market strategist at B. Riley Financial. \u201cThe CPI was, as reported today, just a touch hotter than expectations and proof positive that we\u2019re not on a linear path, but we\u2019re on a path headed lower.\u201d<\/p>\n

Traders work on the floor of the New York Stock Exchange during afternoon trading on Feb. 5.<\/span>Michael M. Santiago \/ Getty Images file<\/span><\/p>\n

The\u00a02-year Treasury yield\u00a0jumped above 4.63%, and the\u00a010-year yield\u00a0topped 4.29% following the CPI data. Tech shares including\u00a0Microsoft\u00a0and\u00a0Amazon, which have steered the market run to record highs as rates declined, led the losses in trading Tuesday. Microsoft slid 2.2%, while Amazon fell 2.1%.<\/p>\n

In corporate news,\u00a0JetBlue Airways\u00a0spiked 20% after activist investor Carl Icahn reported\u00a0a nearly 10% stake\u00a0in the airline. Toymaker\u00a0Hasbro\u00a0lost 3% after missing analyst expectations for the fourth quarter. Shares of\u00a0Avis Budget Group\u00a0slipped 22% on the back of disappointing fourth-quarter revenue.<\/p>\n<\/p>\n

This post appeared first on NBC NEWS<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Stocks dropped on Tuesday after hotter-than-expected inflation data for January spiked Treasury yields and raised doubts that the Federal Reserve would be able to cut rates several times this year, a key part of the bull case for the equity market. The\u00a0Dow Jones Industrial Average\u00a0lost 524.63 points, or 1.35%, for its worst session since March […]<\/p>\n","protected":false},"author":0,"featured_media":1249,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-1248","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business"],"_links":{"self":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts\/1248","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/comments?post=1248"}],"version-history":[{"count":0,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/posts\/1248\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/media\/1249"}],"wp:attachment":[{"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/media?parent=1248"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/categories?post=1248"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/businesstriumphs.com\/index.php\/wp-json\/wp\/v2\/tags?post=1248"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}