NEW YORK (AP) — Stocks fell sharply on Friday following Wall Street’s chilly realization that inflation acquired worse final month, not higher, as buyers had been hoping.
The S&P 500 was 2.9% decrease in afternoon buying and selling and heading for its ninth dropping week within the final 10, as Treasury yields soared towards their highest ranges in years.
Wall Street took Friday’s worse-than-expected studying on inflation to imply the Fed’s foot will stay firmly on the brakes for the financial system. That dashes hopes that it might ease up later this 12 months.
A studying on client sentiment additionally got here in weaker than anticipated, the most recent discouraging knowledge on the financial system.