The Briefing Room

General Category => Economy/Business => Topic started by: mystery-ak on May 12, 2021, 06:28:42 pm

Title: Dow slumps 500 points amid inflation concern, Nasdaq drops 2.5%
Post by: mystery-ak on May 12, 2021, 06:28:42 pm
Dow slumps 500 points amid inflation concern, Nasdaq drops 2.5%
Published Tue, May 11 20216:04 PM EDTUpdated An Hour Ago
Yun Li
@YunLi626
Maggie Fitzgerald
@mkmfitzgerald

U.S. stocks declined sharply on Wednesday, led to the downside by technology shares as key inflation data showed higher-than-expected price pressures.

The Dow Jones Industrial Average fell 500 points, following its worst day since February on Tuesday. The S&P 500 lost 1.7%, while the tech-heavy Nasdaq Composite slid 2.5%.

The selling intensified after the S&P 500 fell below Tuesday’s low, a level traders were watching closely because of the intraday rebound one day ago. Once the S&P fell below that low about an hour into the trading day, the benchmark fell even further.

Inflation accelerated at its fastest pace since 2008 last month with the Consumer Price Index spiking 4.2% from a year ago, compared to the Dow Jones estimate for a 3.6% increase. The monthly gain was 0.8%, versus the expected 0.2%.

Excluding volatile food and energy prices, the core CPI increased 3% from the same period in 2020 and 0.9% on a monthly basis. The respective estimates were 2.3% and 0.3%.

more
https://www.cnbc.com/2021/05/11/stock-market-futures-open-to-close-news.html
Title: Re: Dow slumps 500 points amid inflation concern, Nasdaq drops 2.5%
Post by: Wingnut on May 12, 2021, 06:35:40 pm
We are in for a Jimmy Carter type screwing.
Title: Re: Dow slumps 500 points amid inflation concern, Nasdaq drops 2.5%
Post by: LMAO on May 12, 2021, 09:06:33 pm
We are in for a Jimmy Carter type screwing.

Maybe at some point in his presidency Joe Biden can come up with his own “A Crisis of Confidence” speech

Title: Re: Dow slumps 500 points amid inflation concern, Nasdaq drops 2.5%
Post by: Free Vulcan on May 12, 2021, 09:10:23 pm
It was well needed. We were at, and still are at, ridiculous levels.
Title: Re: Dow slumps 500 points amid inflation concern, Nasdaq drops 2.5%
Post by: Wingnut on May 12, 2021, 09:14:02 pm
Maybe at some point in his presidency Joe Biden can come up with his own “A Crisis of Confidence” speech

With SloJoe's penchant for plagiarism it would not surprise me if he just read Jimmah's word for word.
Title: Re: Dow slumps 500 points amid inflation concern, Nasdaq drops 2.5%
Post by: Right_in_Virginia on May 12, 2021, 09:43:31 pm
"Slumps" 500 points?   :whistle:
Title: Re: Dow slumps 500 points amid inflation concern, Nasdaq drops 2.5%
Post by: GrouchoTex on May 12, 2021, 09:46:04 pm
"Slumps" 500 points?   :whistle:
Yep.
That headline sure would have looked different if it happened between January 2017 and January 2021.
Title: Re: Dow slumps 500 points amid inflation concern, Nasdaq drops 2.5%
Post by: Right_in_Virginia on May 12, 2021, 09:46:58 pm
Yep.
That headline sure would have looked different if it happened between January 2017 and January 2021.

My thoughts exactly.
Title: Re: Dow slumps 500 points amid inflation concern, Nasdaq drops 2.5%
Post by: Right_in_Virginia on May 12, 2021, 09:50:19 pm
I guess it takes a drop of 680 to get to a "tumble".  (I wonder what a "crash" is ...  :pondering: )

Quote
Dow tumbles 680 points in worst decline since January as hot inflation reading spooks investors
CNBC, May 12, 2021

U.S. stocks declined sharply on Wednesday as hotter-than-expected inflation data triggered massive selling, especially in technology shares.

The Dow Jones Industrial Average fell 681.50 points, or 2%, to 33,587.66, posting its worst day since January. The blue-chip benchmark tumbled as much as 713 points at its session low. The S&P 500 lost 2.1% to 4,063.04 for its biggest drop since February, while the tech-heavy Nasdaq Composite slid 2.7% to 13,031.68, bringing its weekly decline to more than 5%.

More:  https://www.cnbc.com/2021/05/11/stock-market-futures-open-to-close-news.html 
Title: Re: Dow slumps 500 points amid inflation concern, Nasdaq drops 2.5%
Post by: catfish1957 on May 14, 2021, 12:49:08 pm
It was well needed. We were at, and still are at, ridiculous levels.

Based on my analysis the DOW should be at about 18,500 in actual value.
Title: Re: Dow slumps 500 points amid inflation concern, Nasdaq drops 2.5%
Post by: IsailedawayfromFR on May 14, 2021, 01:33:12 pm
Based on my analysis the DOW should be at about 18,500 in actual value.
OK, you convinced me to sell some more.

I am getting laughed at on the financial blogs for selling woke companies like Coke and MS and buying oil stocks instead of tech.

XOM is up 75% since I bought them last fall, so the laugh is on them.
Title: Re: Dow slumps 500 points amid inflation concern, Nasdaq drops 2.5%
Post by: catfish1957 on May 14, 2021, 01:46:30 pm
OK, you convinced me to sell some more.

I am getting laughed at on the financial blogs for selling woke companies like Coke and MS and buying oil stocks instead of tech.

XOM is up 75% since I bought them last fall, so the laugh is on them.

Good moves.  March 2020, I was so tempted to buy some bargains, but being retired I chickened out. My oldest though somewhere between tripled and quadrupled his net worth, on some sharp buys on the dip.  He's been bragging about it since. :cool: