Dow drops more than 500 points after a surprisingly bad inflation report

US stock markets experienced significant declines on Wednesday following the release of higher-than-expected inflation data for March.

The Dow dropped by 534 points (1.4%), the S&P 500 fell by 1.2%, and the Nasdaq Composite declined by 1.1%.

The latest Consumer Price Index (CPI) data revealed a 3.5% increase in consumer prices over the past 12 months, up from February’s 3.2% rate and marking the highest annual gain in six months.

While factors like gas and shelter costs contributed to the monthly increase, prices rose across most major categories.

Investors are concerned that the unexpectedly high inflation report will delay the Federal Reserve’s anticipated rate cuts this year, CNN reported.

read more: https://www.cnn.com/2024/04/10/markets/markets-fall-cpi-inflation-report/index.html

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