June 28, 2022

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Falls on Wall Street ahead of inflation figures - Standard & Poor's 500 with a drop of more than one per cent

Falls on Wall Street ahead of inflation figures – Standard & Poor’s 500 with a drop of more than one per cent

The day started quietly on the US stock exchanges, with leading indicators retreating cautiously in the opening minutes. But at the end of the trade, the mood deteriorated:

  • The Dow Jones Industrial Average fell 0.85 percent.
  • The S&P 500 broad aggregation index saw a 1.1 percent decline.
  • The Nasdaq Technology Index fell 0.74 percent.

There is a lot of tension in the stock markets with inflation figures from the US, which will be published on Friday.

– We believe that inflation in the United States has reached its peak and will fall in the future. “The question is how fast will the velocity drop,” said Stourbrand’s head of global allocation and interest rates Olaf Chen in an interview with the question. DN Monday.

Inflation in Western countries has risen sharply over the past year, due to problems in global supply chains, rising aggregate demand, and geopolitical turmoil.

Up front, annual growth in the Consumer Price Index (CPI) is expected to decline to 8.2 percent for the month of May, according to figures from Bloomberg. Meanwhile, core inflation, which is the total inflation adjusted for energy and food prices, is expected to decline to 5.9 percent in May.

High inflation means that central banks in Western countries have signaled sharp monetary tightening, with multiple rate hikes in a row. At the same time, global growth prospects have fallen since the war in Ukraine.

The combination of low growth, high inflation and rising interest rates have fueled recession fears among investors, sending the tech-heavy Nasdaq down nearly 30 percent so far this year. (Conditions)Copyright Dagens Næringsliv AS and/or our suppliers. We would like you to share our cases using a link that leads directly to our pages. All or part of the Content may not be copied or otherwise used with written permission or as permitted by law. For additional terms look here.

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