American Invest Hub
  • Politics
  • Investing
  • Business
  • Latest News

American Invest Hub

  • Politics
  • Investing
  • Business
  • Latest News
Business

Dow tumbles 475 points, S&P 500 suffers worst day since January as inflation woes erupt

by admin April 16, 2024
April 16, 2024
Dow tumbles 475 points, S&P 500 suffers worst day since January as inflation woes erupt

Stocks sold off Friday as inflation and geopolitical worries once again dented investor sentiment on Wall Street. A broad decline in major bank shares also weighed on the market.

The Dow Jones Industrial Average slid 475.84 points, or 1.24%, closing at 37,983.24. The S&P 500 tumbled 1.46% at 5,123.41. The Nasdaq Composite pulled back by 1.62% at 16,175.09.

At one point in the trading session, the Dow was down by nearly 582 points, or 1.51%. The S&P 500 slid as much as 1.75%.

Week to date, the broad market index dropped 1.56%, and the 30-stock Dow fell 2.37%. Meanwhile, the tech-heavy Nasdaq is 0.45% lower for the week.

Markets are generally in good shape so far this year. The Dow is up 0.7% year-to-date. The S&P 500 and Nasdaq are up 8% and 9.5% respectively since the beginning of 2024.

JPMorgan Chase shares declined more than 6% after the banking giant posted its first-quarter results. The bank said net interest income, a key measure of what it makes through lending activities, could be a little short of what Wall Street analysts are expecting in 2024. CEO Jamie Dimon also warned about persistent inflationary pressures weighing on the economy. 

Wells Fargo slipped 0.4% after reporting its latest quarterly figures. Citigroup dropped 1.7% despite posting a revenue beat.

Oil prices continued their rise on reports that Israel is preparing for a direct attack by Iran this weekend, in what would be the biggest escalation of tensions in the region since the outbreak of the Israel-Hamas war last October. U.S. crude settled at $85.66 a barrel after rising above $87.

That, coupled with fresh U.S. imports data, added fuel to inflation concerns that have put pressure on the market.

“We’re getting further risk off sentiment heading into the weekend. You’re seeing there’s a flight to safety trade, with the dollar stronger, and we’re seeing equities sell off,” said Rob Haworth, U.S. Bank Wealth Management senior investment strategist.

“That comes on the heels of the inflation data that tells us the economy’s still pretty hot and inflation is sticky; that’s what led [investors] to really adjust their expectations around the Fed. … That’s some of why they’re getting cautious headed into the weekend,” said Haworth.

Consumers are also growing worried about the persistent inflationary pressures. The consumer sentiment index for April came in at 77.9, below the Dow Jones consensus estimate of 79.9, according to the University of Michigan’s Surveys of Consumers. Year-ahead and long-run inflation expectations also ticked up, reflecting frustrations over sticky inflation.

This post appeared first on NBC NEWS

0
FacebookTwitterGoogle +Pinterest
previous post
House to focus just on Israel, Iran next week
next post
Top 7 Canadian Lithium Stocks of 2024

Related Posts

Trump to sign orders ending DEI programs: ‘There...

January 21, 2025

OpenAI announces a search engine called SearchGPT; Alphabet...

July 27, 2024

Hyundai gears up for $3 billion India IPO...

October 8, 2024

Zomato to Eternal, Google to Alphabet, Facebook to...

February 7, 2025

Hermès lawsuit claims luxury retailer reserves its famed...

March 27, 2024

Alibaba shares surge 11% in Hong Kong as...

February 21, 2025

Why Denny’s stock price is rising today?

October 26, 2024

Nvidia’s $4.5B H20 chip export plan faces national...

July 31, 2025

China extends EU pork import probe as trade...

June 10, 2025

These 3 oversold stocks are primed for significant...

August 31, 2025

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Latest News

    • US digest: markets slide after fresh Trump tariff threat, consumer sentiment slide

      October 12, 2025
    • Trump announces extra 100% tariffs on China, control ‘critical software’ exports

      October 12, 2025
    • Why Macron has reappointed Lecornu as France’s PM

      October 12, 2025
    • Bitcoin crashes below $110K as Trump’s 100% tariff on China triggers $19B sell-off

      October 12, 2025
    • Qualcomm CEO meets India’s PM Modi amid AI boom: here’s what it means

      October 12, 2025

    Categories

    • Business (4,235)
    • Investing (2,974)
    • Latest News (2,089)
    • Politics (1,541)
    • About us
    • Contact us
    • Privacy Policy
    • Terms & Conditions

    Disclaimer: americaninvesthub.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2025 americaninvesthub.com | All Rights Reserved