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U.S. Stocks Fall on Investor Jitters About Persistent Inflation

Economy May 12, 2022 09:49AM ET
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© Reuters.

By Liz Moyer

Investing.com -- U.S. stocks opened lower as another set of government data added to investor concerns about persistently elevated inflation, even if the numbers show signs of slowing.

At 10:17 AM ET the Dow Jones Industrial Average was down 115, or 0.4%, while the S&P 500 was down 0.4% and the NASDAQ Composite was down 0.2%.

The Producer Price Index, which shows how much companies are getting for their goods and services out of the factory, rose 11% in April, a tick lower than the 11.5% gain in March, as the monthly rise in prices slowed to 0.5% from 1.2% in March. The monthly reading was in line with estimates. That mirrored the consumer price index from Wednesday, which also showed prices grew less than they did in the prior periods. But the readings are still elevated, and investors are worried that persistent inflation could encourage the Federal Reserve to act more aggressively on interest rates.

Shares of Beyond Meat Inc (NASDAQ:BYND) tumbled 27% after Barclays downgraded the faux meat maker to equal-weight from overweight, citing “limited visibility” on recovery after the company spent heavily on product launches and offered discounts.

Walt Disney Company (NYSE:DIS) shares fell 2% a day after the company reported earnings that showed subscriptions for its streaming service Disney+ beat expectations. Apple Inc (NASDAQ:AAPL) shares also shed 2%.

Oil prices dipped after the Organization of the Petroleum Exporting Countries cut its forecast for world oil demand this year because of Covid-19 lockdowns in China and the war in eastern Europe. OPEC said it now expects global demand to grow by an average of only 3.4 million barrels a day this year, down from a prior estimate of 3.7 million barrels.

Crude Oil WTI Futures was flat at $105.80 a barrel, and Brent Oil Futures crude was down 0.4% to $107.05 a barrel. Gold Futures fell 0.4% to $1845 an ounce.

U.S. Stocks Fall on Investor Jitters About Persistent Inflation
 

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Comments (14)
Michael Paulsen
Michael Paulsen May 12, 2022 1:34PM ET
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Let's face it Powell is an absolute unmitigated disaster. He's got it wrong on every turn, yet shills like Kramer believe in this guy. Unbelievable
Murali Krishna
Murali Krishna May 12, 2022 11:58AM ET
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Elliot and Fibonacci told me recently that SP 500 must go down to 3200 and wait there for next move. Gold told Fed to go and raise rates quickly enough
Stan Smith
Stan Smith May 12, 2022 11:57AM ET
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"Transitory Inflation"...Nope; "Peak Inflation"...Nope; "Persistent Inflation....Yep, they finally got it right!!
Jim Morrison
Jim Morrison May 12, 2022 11:49AM ET
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inflation is persistent huh. I love how these so called journalists try to make inflation have human traits. it's so cute. grow up.
Marco cuevas
Marco cuevas May 12, 2022 11:25AM ET
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Big hedge funds have your money just sitting their ...thanks to their own undoing...stagflation will ensue...STOP buying and wait to pounce.
Antonio Velardo
Antonio Velardo May 12, 2022 10:53AM ET
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They just photographed the black hole in our galaxy. That's where everything is falling.
Sam Dur
Sam Dur May 12, 2022 10:47AM ET
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US have to reach an agreement with Russia promptly. These Biden-ego driven games to bully Russia cost to much to the investors and ordinary people suffering from the high inflation. Enough is enough.
Paul Renton
Paul Renton May 12, 2022 10:47AM ET
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No mate, Biden is doing the right thing. Putin should simply recognize that he messed up.
Count da Money
CountdaMoney May 12, 2022 10:42AM ET
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But inflation is “trans”itory 🤣🤣🤣
Kevin Parker
Kevin Parker May 12, 2022 10:42AM ET
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Well I think inflation is the least of our worries when you have nutjob Putin across the pond looking to annihilate a sovereign country and all its inhabitants because he's having a bad day.  Not ok.
Mitchel Pioneer
Mitchel Pioneer May 12, 2022 10:30AM ET
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100's of points in losses once again whisked out of the system with a criminally manufacture "rally" in broad daylight.  How many thousands of point in losses in the last 2 weeks alone?  And just how do savvy "investors" from around the world coordinate their "buying" so the "rally" lasts only long enough to push the Ponzi Scheme into the green, where the "buying" magically stops?  Fraudulent, criminally manipulated JOKE.
 
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