US stocks fall sharply on growing inflation concerns
Date
9/12/2024 4:54:52 AM
(MENAFN) US stock markets experienced significant declines as investors processed the latest inflation report, which showed a 2.5 percent increase in August. This data has intensified uncertainty about the Federal Reserve's future interest rate decisions. Wall Street's main indexes faced substantial drops, with the Dow Jones Industrial Average falling by 650 points, reflecting a marked retreat. The S&P 500 also saw a decline of approximately 1.5 percent, while the nasdaq Composite managed to hold a smaller decrease of 0.70 percent.
The inflation report has fueled doubts over the Fed's policy direction, contributing to the overall market decline. Despite the broader downtrend, technology stocks offered some resilience, as evidenced by gains in shares of Nvidia and Apple. Nvidia’s stock rose more than 2 percent, and Apple saw a 1 percent increase, indicating some investor confidence in tech amid the turbulent market conditions.
Conversely, the negative impact was felt more acutely in other sectors, with shares of UnitedHealth Group, Goldman Sachs, and Amgen weighing heavily on the Dow Jones. These companies' poor performance further contributed to the index's drop, underscoring the varied effects of the inflation report across different sectors.
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