US market close: Shares tank on inflation data
By Joseph Toppe
20:55, 10 February 2022
US inflation rose to a 40-year high in January, sending stocks into a freefall on Thursday.
The Dow Jones Industrial Average (US30) lost 526 points, or 1.47%, the S&P 500 went down 1.81%, while the Nasdaq Composite (US100) lost 2.10%.
Halfway through the session, the Dow was down approximately 150 points, or 0.42%, the S&P was down around 0.57%, and the Nasdaq was roughly 0.63% lower.
Inflation highest in 40 years
The disparity between American supply and demand has grown to levels not seen since 1982, as US inflation boiled to over 7% in January and consumers spent more on food and electricity.
The latest data compiled by the US Labor Department shows the Consumer Price Index for all urban consumers (CPI-U) went up 0.6% last month on a seasonally adjusted basis, while the all-items index ballooned to 7.5% before seasonal adjustment.
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Winners & losers: Tech down
Shares of airplane manufacturer Boeing are up 1.34%, while in the auto sector, shares of Tesla dropped 2.95% and General Motors slipped 0.75%.
In the technology sector, shares of Meta fell 1.69%, Twitter went 1.98% lower, as Snap went up 0.84% and Pinterest dipped 4.66% lower.
In other tech stocks, shares of Microsoft are down 2.84%, Nvidia is 3.30% in the red, while Intel is off 2.10% and Alphabet is also 2.10% lower.
Oil: Crudes mixed
Oil futures were up and down on Thursday as West Texas Intermediate crude for March delivery tacked on 22 cents, or nearly 0.3%, to $89.88 a barrel on the New York Mercantile Exchange, and April Brent crude lost 14 cents, or nearly 0.2%, to $91.41 a barrel on ICE Futures Europe.
In energy stock, shares of Hess retreated 0.98% and Exxon Mobil went down 0.96%.
Gold: Highest since January
Gold futures went up on Thursday with April gold futures adding 80 cents, or less than 0.1%, to settle at $1,837.40 an ounce.
Crypto: Bottoms out
Prominent cryptocurrencies were green early on Thursday but fell hard in afternoon trading with bitcoin down 1.32%, ethereum down 4.47%, while litecoin and monero slipped 2.76% and 0.87% respectively.
In other digital assets, bitcoin cash is off 0.91% and dogecoin is 4.16% in the red.
Treasury: Yields hop
Yields on 10-year Treasury notes improved to 1.987% today from 1.928% on Wednesday, while the yield on two-year notes went up to 1.493% from 1.346%.
Forex: USD loses step
On Thursday, the US dollar slipped to $0.87 of the euro, while holding at $0.74 of the British pound sterling and $1.27 of the Canadian dollar.
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