Dow Loses 1,200 Points, S&P 500 Loses 4%, Nasdaq Down 5% On Inflation Report

By FOX Business
Posted on 09/13/22 | News Source: FOX Business

U.S. stocks ended a four-day winning streak after the latest read on inflation came in higher than expected.

CME’s FedWatch shows a 32% chance the Fed will raise interest rates by 1% when it meets later this month. On Monday, FedWatch predicted a 0% chance of a 1% increase. The odds of a 75 basis point hike went to 69% from 91%.

The Dow Jones Industrial Average tumbled more than 1,200 points. The S&P 500 slid 4% for the worst day this year and the Nasdaq lost 5%.

Two-year Treasury yields rose to the highest since Thursday, November 1, 2007.

Nymex Crude for October delivery snapped a three-day winning streak with the largest one day dollar and percentage decline since Wednesday, September 7.