Wall Street Shudders on Signs of Unexpectedly Strong Inflation
2024-04-10 15:10:54+00:00 - Scroll down for original article
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Signs of stubborn inflation rattled Wall Street on Wednesday, with stock prices sliding and government bond yields, which underpin interest rates throughout the economy, jolting higher. The S&P 500 fell over 1 percent for the second time this month and only the fifth time this year. Other major indexes, including the tech-heavy Nasdaq Composite and the Russell 2000 index of smaller companies, also fell. The sharp moves followed a consumer inflation report that came in hotter than expected, with prices rising 3.5 percent in March from a year earlier, marking another month of stubbornly high inflation. That made it harder for investors to dismiss earlier signs that the progress in cooling inflation was patchy. “The stalled disinflationary narrative can no longer be called a blip,” said Seema Shah, chief global strategist at Principal Asset Management.