Wall Street falls as report shows US inflation still red hot
By The Associated Press
NEW YORK (AP) — U.S. markets are falling after a report showed inflation in the U.S. is running hotter than previously thought. Futures for the Dow Jones Industrial dropped 0.6%, while futures for the S&P 500 declined by 1.2%. Nasdaq futures dropped more sharply, down 1.9%. Labor Department data showed that inflation soared over the past year at its highest rate in four decades, hammering America’s consumers, wiping out pay raises and reinforcing the Federal Reserve’s decision to begin raising borrowing rates across the economy. Bond yields rose on the news. The yield on the 10-year Treasury rose to 1.99%. The yield has been at 2% since August 2019.
