Wall Street closes significantly lower; Investors are very anxious ahead of CPI data

Stocks on Wall Street closed lower this afternoon, a general decline that particularly affected the Nasdaq, as investors remained cautious awaiting Friday’s data, Which is expected to show that consumer prices remained elevated in May.

All 11 sectors of the S&P 500 Index on Wall Street were in negative territory, with telecom services seeing the largest decline.

Adding to the Wall Street jitters, the yield on the 10-year US Treasury bond US10YT=RR rose to 3.073%, the highest level since May 11.

The recent increases in oil prices also kept investors on guard ahead of the release of the US CPI.

The data is expected to show consumer prices rose 0.7% in May, while the core index, which excludes the volatile food and energy sectors, is expected to have risen 0.5% in the month.

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Wall Street closes sharply lower; Investors are very anxious ahead of CPI data

“We are preparing ourselves for what may be inflation news tomorrow,” said Peter Toze, president of the company. investment advisor at Chase.

“I see it as a mixed bag. If the head number is up and the core number is showing some kind of low, I think the markets can go up because of that, because it will show that things are changing a little bit.”

Based on preliminary data, the S&P 500 lost 98.07 points, or 2.38%, to 4017.70 points, while the Nasdaq IXIC lost 332.49 points, or 2.75%, to 11,753.78 points. The Dow Jones Industrial Average fell 640.45 points, or 1.95%, to 32,270.45.

Investors are concerned that rising inflation could keep the Federal Reserve on a strong path to raising interest rates.

With information from Reuters.

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