Nasdaq sinks 3% to November 2020 low, Dow down for fifth day
The CPI Index for April rose 8.3% hovering at a 40-year high
No sign inflation is slowing down: Former White House economist
Former Chairman of the council of economic advisers Kevin Hassett argues data from April's consumer price index report shows the Federal Reserve's moves to try and curb soaring inflation are not working.
U.S. stocks fell across the board as investors assessed persistent inflation after the consumer price index for April remained near a 40-year-high raising concerns about a looming recession.
The Dow Jones Industrial Average notched a fifth day of losses, while the S&P 500 fell 1.7%, dropping back below 4,000 a key psychological level.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| I:DJI | DOW JONES AVERAGES | 44296.51 | +426.16 | +0.97% |
| SP500 | S&P 500 | 5969.34 | +20.63 | +0.35% |
| I:COMP | NASDAQ COMPOSITE INDEX | 19003.651134 | +31.23 | +0.16% |
The Nasdaq Composite fell 3% to its lowest level since March 2020.
i:COMP
Large-cap tech including Facebook, Microsoft and Apple all declined.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| FB | NO DATA AVAILABLE | - | - | - |
| MSFT | MICROSOFT CORP. | 417.00 | +4.13 | +1.00% |
| AAPL | APPLE INC. | 229.87 | +1.35 | +0.59% |
The CPI Index rose by an annual rate of 8.3%, more than economists expected and slightly less than the prior month's 8.5%.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| USO | UNITED STATES OIL FUND - USD ACC | 74.25 | +1.05 | +1.43% |
| BNO | UNITED STATES BRENT OIL FUND - USD ACC | 29.82 | +0.25 | +0.85% |
Oil rose with U.S. West Texas Intermediate crude up 6% to $105 and Brent, the international benchmark, settled at $107.
An oil rig drilling a well at sunrise near Midland, Texas. (REUTERS/Ernest Scheyder / Reuters Photos)
The Energy Information Administration released its inventory report for last week. Crude stockpiles rose by 8.4 million barrels, following a surprise build of 1.3 million barrels the previous week.
New York Stock Exchange traders. ((Courtney Crow/New York Stock Exchange via AP) / AP Newsroom)
In earnings Coinbase Global took a drastic hit after the company missed estimates for first-quarter revenue and posted a loss.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| COIN | COINBASE GLOBAL INC. | 304.64 | +9.41 | +3.19% |
Moderna in focus after announcing its "recently appointed Chief Financial Officer, Jorge Gomez, has departed the Company, effective immediately. The announcement follows the May 10 public disclosure by Mr. Gomez's former employer, Dentsply Sirona Inc., of an ongoing internal investigation into certain matters, including financial reporting" the company disclosed in a statement.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| MRNA | MODERNA INC. | 41.11 | +2.86 | +7.48% |
After the close of trading, Dow member Disney is set to report.
| Ticker | Security | Last | Change | Change % |
|---|---|---|---|---|
| DIS | THE WALT DISNEY CO. | 115.67 | +0.94 | +0.82% |
Bitcoin dipped below the $30,000 level following the hotter than expected inflation reading.
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FOX Business' Ken Martin and The Associated Press contributed to this report.