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Tuesday, Apr 23, 2024

US stocks record worst day of 2022 as larger Fed hike expected amid inflation

US stocks record worst day of 2022 as larger Fed hike expected amid inflation

Dow plummets more than 1,200 points, Nasdaq dives over 5%
US stocks recorded their worst single-day loss of 2022 on Tuesday as higher-than-expected inflation increased worry that the Federal Reserve could make a larger rate hike next week.

The Dow plummeted 1,276 points, or 3.94%, to finish at 31,104. The S&P 500 fell 177 points, or 4.32%, to 3,932.

The tech-heavy Nasdaq was off 632 points, or 5.16%, to close at 11,633.

The sell-off came after US annual consumer inflation was recorded at 8.3% in August --higher than estimates of an 8.1% annual increase, according to the Labor Department.

The probability of the Fed making a rate hike of 100 basis points, instead of 75 basis points, climbed to 34% shortly before the closing bell.

The VIX volatility index, also known as the fear index, skyrocketed 16.4% to 27.79. The 10-year US Treasury yield rose 1.8% to 3.424%.

While the dollar index increased 1.4% to 109.88, the euro was down 1.46% to $0.9971 against the dollar.

Precious metals were on the decline with worries of a rate hike. Gold fell 1.3% to $1,702 and silver lost 2.2% to $19.35.

Oil prices were down slightly. Global oil benchmark Brent crude was trading at $93.40 a barrel for a 0.65% loss and US benchmark West Texas Intermediate (WTI) was around $87.55 -- off 0.25%.
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