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Markets

Tuesday's early trade: Inflation fears push S&P to one-month low

NEW YORK: Wall Street's main indexes fell for a second straight session and the S&P 500 hit a one-month low on...
12 May 2021

NEW YORK: Wall Street's main indexes fell for a second straight session and the S&P 500 hit a one-month low on Tuesday, as investors feared that rising inflation could push the Federal Reserve to tighten monetary policy faster than expected.

The outperformers of 2020, Apple, Amazon.com Inc, Microsoft Corp, Google-parent Alphabet Inc and Tesla Inc fell between 0.8% and 2.4%, weighing the most on the benchmark index.

The yield on benchmark US 10-year Treasury note ticked up to session high of 1.631% ahead of consumer price index report on Wednesday.

Investors have grown wary of fast price rises even though the central bank has repeatedly said it views any inflation that occurs to be transitory.

However, on Tuesday, the CBOE volatility index jumped to its highest in two months to 23 points and all major S&P sectors moved to the red.

The energy index saw the biggest slide of 1.9% due to weaker oil prices.

At 11:49 a.m. ET, the Dow Jones Industrial Average was down 449.23 points, or 1.29%, at 34,293.59, the S&P 500 was down 40.71 points, or 0.97%, at 4,147.72. The Nasdaq Composite was down 60.18 points, or 0.45%, at 13,341.67.