Following the release of a hotter-than-expected inflation report for March, Dow futures dropped 300 points, and the stock market saw significant declines. The Dow Jones Industrial Average plunged by as much as 470 points during the day's trading. This unexpected inflation data dampened hopes for a potential interest rate cut by the Federal Reserve in June, leading to a downturn in U.S. stocks and a jump in yields.
Sources
Reuters
US stocks tumbled to a lower close after hotter-than-expected inflation data threw cold water on hopes that the Federal Reserve would begin cutting interest rates as early as June https://t.co/9bfOzKhP58 https://t.co/jKuTmdq1G4
The Associated Press Stock market today: Wall Street falls after hot inflation report burns hopes for a June rate cut https://t.co/njBbUBdhVe
8 News Now Stock market today: Wall Street falls after hot inflation report https://t.co/p2EwACtVia
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