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  3. US markets end deeply in red on Wednesday

US markets end deeply in red on Wednesday

12 May 2022 Evaluate

The US markets ended deeply in red on Wednesday as traders digested a highly anticipated Labor Department report showing the annual rate of consumer price growth slowed by less than expected. While the report showed the annual rate of consumer price growth slowed to 8.3 percent in April from a 40-year high of 8.5 percent in March, Street had expected the pace of growth to slow to 8.1 percent. The annual rate of growth in core consumer prices also slowed to 6.2 percent in April from 6.5 percent in March, although the rate was expected to decelerate to 6.0 percent. On a monthly basis, the Labor Department said its consumer price index rose by 0.3 percent in April after surging by 1.2 percent in March. Street had expected prices to edge up by 0.2 percent. Core consumer prices, which exclude food and energy prices, climbed by 0.6 percent in April after rising by 0.3 percent in March. Core prices were expected to increase by 0.4 percent.

The data added to recent concerns the Federal Reserve will raise interest rates more aggressively in an effort to bring inflation down at a faster rate. Traders have recently expressed concerns more aggressive moves by the Fed and other central banks could lead to a period of stagflation or an outright recession. On the sectoral front, Computer hardware stocks moved sharply lower over the course of the session, dragging the NYSE Arca Computer Hardware Index down by 3.8 percent to its lowest closing level in well over a year. Substantial weakness also emerged among housing stocks, as reflected by the 3.4 percent nosedive by the Philadelphia Housing Sector Index. The index also ended the session at a more than one-year closing low.

Dow Jones Industrial Average fell 326.63 points or 1.02 percent to 31,834.11, Nasdaq dropped 373.43 points or 3.18 percent to 11,364.24 and S&P 500 was down by 65.87 points or 1.65 percent to 3,935.18.

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