U.S. Stocks Fall Sharply At Close

The Dow Jones Industrial Average falls 638.11 points and closes at 32,272.79. The S&P 500 drops as well settling at 4,017.82. NASDAQ fell below 11,000 but narrowly made it back above it, closing at 11,754.23. All of this comes in anticipating the May consumer price index report which comes out tomorrow and is a key inflation report which has investors worried about the current state of the U.S. economy.

"The fact that people have literally been talking about this report for the last several days illustrates how much of an issue inflation has become for the market over the last six months since Fed Chair Powell first started to take a more hawkish approach to inflation," - Bespoke Investment Group

Casino stocks & Big Tech all plummeted today. Even Boeing couldn't negate the mass exodus by falling more than 4%. The health of the U.S. Economy has been assessed by investors for weeks now. In an attempt to slow down inflation, the Fed has starting raising interest rates and preventing an economic recession. Everything oil related keeps rising as well as small commodities that everyone needs in their daily lives. All while the President of the United States Joe Biden announces that he could not rule out a recession in the coming months.

Source #1 CNBC

Source #2 The Wall Street Journal

Source #3 CBS
 

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