Wall Street drops as investor jitters climb before CPI data Friday; 10-year yield rises

Wall Street drops as investor jitters climb before CPI data Friday; 10-year yield rises

US stocks traded sharply on Thursday as investors' fears on Friday preceded Friday's data, which should show that consumer prices will remain high in May.

The sale will take place at the end of the session. The decline was driven by mega-cap, with Apple Inc. and Amazon.com Inc. down 3.6% and 4.2%, respectively, putting the most pressure on the S&P 500 and Nasdaq.

Communications and technology services had the most declining sectors, although all 11 sectors in the S&P 500 index ended the day below.

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Adding to nervousness, the benchmark U.S. 10-year Treasury yield climbed to as much as 3.073%, its highest level since May 11. 

Recent sharp gains in oil prices also weighed on sentiment before Friday’s U.S. consumer price index report. 

“We’re getting prepared for what the news might be regarding inflation tomorrow,” said Peter Tuz, president of Chase Investment Counsel in Charlottesville, Virginia. 

“I view it as mixed. If the total is high and the core number shows some sort of drop, I actually think the markets could rally on that because it’ll show that things are kind of rolling over a bit.”

The data is expected to show that consumer prices rose 0.7% in May, while the core consumer price index (CPI), which excludes the volatile food and energy sectors, rose 0.5% in the month. The Dow Jones Industrial Average fell 638.11 points, or 1.94%, to 32,272.79; The S&P 500 lost 97.95 points, or 2.38%, to 4,017.82; and the Nasdaq Composite fell 332.05 points, or 2.75%, to 11,754.23.

All three major indices recorded the largest daily percentage decline since mid-May. The S&P 500 index fell 15.7% for the year and the Nasdaq is about 25%.

Higher-than-expected inflation data may contribute to fears that the US Federal Reserve will raise interest rates more aggressively than originally expected.

The central bank has raised its short-term interest rate by three-quarters of a percentage point this year, and plans to continue by 50 bases at its meeting next week and in July. . Shares of Alibaba Group fell 8.1% after a member of the Ant Group said it did not plan to launch a primary public offering.

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Problem reduction as the NYSE grows at 5.51 to 1; on the Nasdaq a ratio of 2.79 to 1 favored deniers.

The S&P 500 released a new 52-week high and 31 new lows; The Nasdaq Composite recorded 18 new highs and 127 new lows.

The volume of US stock exchanges was 11.50 billion shares, compared to an average of 12.07 billion shares for the entire session of the last 20 trading days.