Markets
Here are today’s market moves:
S&P 500 down 2.14% to 4,063.04
Dow Jones down 1.99% to 33,587.66
Nasdaq down 2.67% to 13,031.68
Bitcoin: $50,258
US10Y: 1.695%
What Happened?
Stocks fell for the third consecutive day on Wednesday, as the Labor Department said the Consumer Price Index climbed 4.2 percent in April, the fastest pace since 2008.
The S&P 500 and Dow Jones posted their steepest three-day declines in nearly seven months.
Investors worry that rising inflation could mean that the Federal Reserve will have to raise interest rates earlier than expected.
Even with inflation on the rise, the Fed claims that the increase is transitory and says it will maintain cheap-money policies.
Crypto prices collapsed after Elon Musk tweeted that Tesla will no longer accept Bitcoin as payment for its vehicles, citing environmental concerns.
What Else?
This Week
Monday: Earnings expected from Virgin Galactic and Tyson Foods.
Tuesday: Earnings expected from EA, Palantir, and Roblox.
Wednesday: Earnings expected from Bumble, Lemonade, and Toyota.
Thursday: Earnings expected from Airbnb, Disney, and Coinbase.
Friday: Earnings expected from Honda.