Posted by U.S. equities are plunging after a key report showed inflation rose more than anticipated last month, increasing concerns that the Fed will have to keep boosting interest rates to try to get prices in check.
Almost every stock in the Dow was falling yesterday. Shares of Apple (AAPL), Amazon (AMZN), Alphabet (GOOGL), Intel (INTC), and Microsoft (MSFT) are down 2%, and other tech stocks are losing ground as well since they are especially sensitive to higher borrowing costs. Shares of companies in additional sectors affected by higher rates, including retailers, home builders, and credit card providers, are declining.
Autodesk (ADSK) shares are tumbling on the design software maker’s weaker-than-expected outlook. Shares of another software company, Adobe (ADBE), are dropping on a report the Department of Justice wants to block its $20 billion purchase of web design platform Figma. Boeing (BA) shares are sinking 4% after the plane maker temporarily halted deliveries of its 787 Dreamliner jets to analyze a fuselage component.
Celanese Shares Rise
Shares of Intuit (INTU) and Edison International (EIX) are gaining after both firms beat profit and sales estimates. Celanese (CE) shares are advancing as UBS raised the price target on the stock.
Oil futures are up, gold futures are lower. The U.S. dollar is climbing against the euro, pound, and yen. Prices for major cryptocurrencies are in the red.
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