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Stock Market Today: Dow Plunges 1200 Points in Tech Selloff After Inflation Report

Stock Markets Sep 13, 2022 04:08PM ET
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By Liz Moyer

Investing.com -- U.S. stocks sold off sharply after August’s inflation report came in higher than expected, ending the session with the Dow down the most since June 2020.

At 16:03 ET (20:03 GMT), the Dow Jones Industrial Average was down 1,276 points, or 3.9%, while the S&P 500 was down 4.3% and the NASDAQ Composite was down 5.2%.

The consumer price index for August showed inflation rose 0.1% from July despite the drop in the price of gasoline. From last year, inflation was up 8.3%, while analysts had expected an 8.1% print.

The selloff hit tech stocks particularly hard, with Apple Inc (NASDAQ:AAPL) down nearly 6%, and Microsoft Corp (NASDAQ:MSFT) down more than 5%, while shares of Meta Platforms Inc (NASDAQ:META) dropped more than 9%.

Money markets forecast an 81% chance of a 75-basis-point increase in interest rates when the Federal Reserve meets next week, and a nearly 20% chance of a full 100-basis-point hike.

Tuesday's decline comes after stocks had rallied as investors took advantage of August's market declines.

This is the last inflation report before the Fed’s policy meeting next week. Investors had hoped the Fed would have some reason to raise rates less dramatically. But the Fed is determined to quash inflation despite the risk of pushing the economy into a recession. And Tuesday's report dampens hopes that inflation has already peaked.

Twitter (NYSE:TWTR) shareholders voted to approve the $44 billion takeover deal by Elon Musk. Twitter shares rose 0.8% on Tuesday.

Stock Market Today: Dow Plunges 1200 Points in Tech Selloff After Inflation Report
 

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Comments (19)
Okoro Daniel
Okoro Daniel Sep 14, 2022 11:07AM ET
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hello
HAJA NASURUDEEN
HAJA NASURUDEEN Sep 14, 2022 4:46AM ET
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For 0.1% the market falls 5%. Too much of propaganda to believe.
S K
S K Sep 14, 2022 2:54AM ET
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The inflation may have already peaked, but it's going to stay up and not going down anytime this year.
ken shin
ken shin Sep 13, 2022 9:06PM ET
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Very nice stock market nowadays.
Stan Smith
Stan Smith Sep 13, 2022 8:43PM ET
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First it was temporary, then it was peak, then it was trending lower. Inflation is not going away anytime soon despite what fabrications the Fed and Wall St try to sell you!
CT OREN
CT OREN Sep 13, 2022 8:21PM ET
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Glad to see the market slump. But we need a bigger market crash. Lets pray for it
Sridhar N Rao
Sridhar N Rao Sep 13, 2022 7:37PM ET
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“”Inflation is transitory!”” - 🤣
jose goncalves
jose goncalves Sep 13, 2022 7:07PM ET
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It looks transitory!
Buy And Sell
Buy And Sell Sep 13, 2022 7:07PM ET
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Get out of stocks now, panic on wall street coming or go broke!!!
David Stocks
David Stocks Sep 13, 2022 6:44PM ET
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oh look! hedge fund pivot because what was true yesterday is no longer true? or was it never true or are hedge funds $tupid and fearful.
John Hemphill
John Hemphill Sep 13, 2022 6:44PM ET
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It's "the pump". Hedge funds & institutional inv. had clues since last cpi & Fed meeting. Student debt relief, that lowers inflation, right Joe? Nope. Billions more to Ukraine? Nope. But hedge funds took advantage of the temporary bounce. How many times does a dead cat bounce until the party is over?
 
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