Stocks fell on Wall Street Wednesday, led by more drops in technology companies, after a report on inflation came in worse than feared. The S&P 500 fell 65.87 points, or 1.6%, to 3,935.18. The Dow Jones Industrial Average fell 326.63 points, or 1%, to 31,834.11. The Nasdaq fell 373.44 points, or 3.2%, to 11,364.24. Wednesday’s report from the US Labor Department showed inflation slowed a touch in April, down to 8.3% from 8.5% in March. Investors also found some glass-half-full signals in the data that inflation may be peaking and set to ease further. Nevertheless, the numbers were still higher than economists forecast.
They also showed a bigger increase than expected in prices outside food and gasoline, something economists call "core inflation" and which can be more predictive of future trends. Economists said the inflation report will keep the Fed on track for rapid and potentially sharp increases in interest rates in upcoming months, the AP reports. "Core inflation came in hot, and that’s what really matters to the Fed at this point,” said Brian Jacobsen, senior investment strategist at Allspring Global Investments.
Coinbase, a cryptocurrency trading platform, tumbled 26.4% after it reported much weaker results for the latest quarter than analysts expected. Drops in crypto prices dragged on trading volumes through the quarter. Several other companies made big moves following the release of their latest earnings results. Hamburger chain Wendy's fell 11.2% after reporting disappointing profits. Callaway Golf jumped 10.3% and H&R Block surged 19.5% after reporting encouraging financial results.
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