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NEW YORK: Wall Street stocks sank early Monday, tumbling into a “bear market” in anticipation of more Federal Reserve monetary tightening this week amid runaway inflation.

The market’s latest losses, which come on the heels of three straight down sessions, put the S&P 500 into a bear market, defined as a 20 percent drop from a market peak.

About 35 minutes into trading, the broad-based S&P 500 was at 3,796.66, down 2.7 from Friday’s session and off more than 21 percent from January.

The Dow Jones Industrial Average dropped 2.1 percent to 30,746.33, while the tech-rich Nasdaq Composite Index plunged 3.2 percent to 10,972.92.

Stocks tumble worldwide as US inflation soars

US equities have been on shaky ground throughout 2022, as central banks shift abruptly from easy money policies to aggressive tightening through phased-out stimulus programs and higher interest rates.

Friday’s US inflation report has exacerbated this dynamic, undermining hopes that pricing pressures have peaked, or are peaking, and raising the possibility for even more aggressive rate hikes from Washington.

“The March report was believed to have been the peak in this inflation cycle, but the May headline CPI reading is now the highest since late 1982,” said a note from CFRA Research’s Sam Stovall, which cautioned about the report’s “hawkish implications” for the Fed.

Among individual companies, Duke Realty gained 1.0 percent after agreeing to be acquired by logistics real estate firm Prologis for $26 billion. Prologis declined 7.1 percent.

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samir sardana Jun 13, 2022 09:39pm
"Friday’s US inflation report has exacerbated this dynamic" Last US hike was on 4th of May On that date Brent was 107 Today it is 123 ALL THE LOSSES OF OIL ,IN LAST 48 HOURS IS COVERED Y IS WALLSTREET MISREADING,THE INFLATION INFLATION WILL "NOT FALL" FROM 4TH OF MAY ALL COMMODITIES ARE UP - EXCEPT A SMALL DIP IN AGRI AND METALS - BUT THAT WILL FLOW INTO INFLATION LATER - AS JUNE INFLATION IS BASED ON PROCUREMENT OF APRIL AND MAY EVEN THE DECLINE IN AGRI AND METALS WILL NOT HELP AS OIL AND GAS IS UP - SO LOGISTICS AND MANUFACTURING COSTS ARE UP DJIA IS OVERREACTING - BUT Y IS WALL STREET SHOCKED BY THE INFLATION NUMBER ? THE US FED IS TO READ THE OIL CHARTS ! FROM LAST HIKE - OIL IS UP 13 %, INSPITE OF SAUDI COMMITMENTS ! THE UKRAINE WAR WILL LAST FOR A LONG LONG TIME, AND AFTER THE WAR - UKRAINE WILL SEEK REPARATIONS, WHICH RUSSIA WILL NOT PAY ! THE AGRI INFLATION,HAS NOT BEGUN ! HOW WILL US FED RATES - LOWER OIL AND GAS RATES ? dindooohindoo
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