• Investing
  • Stock
Round Table Thoughts
  • Economy
  • Editor’s Pick
Home Editor's Pick Dow tumbles 475 points, S&P 500 suffers worst day since January as inflation woes erupt
Editor's Pick

Dow tumbles 475 points, S&P 500 suffers worst day since January as inflation woes erupt

by April 17, 2024
by April 17, 2024 0 comment
Share
0
FacebookTwitterPinterestWhatsapp

Stocks sold off Friday as inflation and geopolitical worries once again dented investor sentiment on Wall Street. A broad decline in major bank shares also weighed on the market.

The Dow Jones Industrial Average slid 475.84 points, or 1.24%, closing at 37,983.24. The S&P 500 tumbled 1.46% at 5,123.41. The Nasdaq Composite pulled back by 1.62% at 16,175.09.

At one point in the trading session, the Dow was down by nearly 582 points, or 1.51%. The S&P 500 slid as much as 1.75%.

Week to date, the broad market index dropped 1.56%, and the 30-stock Dow fell 2.37%. Meanwhile, the tech-heavy Nasdaq is 0.45% lower for the week.

Markets are generally in good shape so far this year. The Dow is up 0.7% year-to-date. The S&P 500 and Nasdaq are up 8% and 9.5% respectively since the beginning of 2024.

JPMorgan Chase shares declined more than 6% after the banking giant posted its first-quarter results. The bank said net interest income, a key measure of what it makes through lending activities, could be a little short of what Wall Street analysts are expecting in 2024. CEO Jamie Dimon also warned about persistent inflationary pressures weighing on the economy. 

Wells Fargo slipped 0.4% after reporting its latest quarterly figures. Citigroup dropped 1.7% despite posting a revenue beat.

Oil prices continued their rise on reports that Israel is preparing for a direct attack by Iran this weekend, in what would be the biggest escalation of tensions in the region since the outbreak of the Israel-Hamas war last October. U.S. crude settled at $85.66 a barrel after rising above $87.

That, coupled with fresh U.S. imports data, added fuel to inflation concerns that have put pressure on the market.

“We’re getting further risk off sentiment heading into the weekend. You’re seeing there’s a flight to safety trade, with the dollar stronger, and we’re seeing equities sell off,” said Rob Haworth, U.S. Bank Wealth Management senior investment strategist.

“That comes on the heels of the inflation data that tells us the economy’s still pretty hot and inflation is sticky; that’s what led [investors] to really adjust their expectations around the Fed. … That’s some of why they’re getting cautious headed into the weekend,” said Haworth.

Consumers are also growing worried about the persistent inflationary pressures. The consumer sentiment index for April came in at 77.9, below the Dow Jones consensus estimate of 79.9, according to the University of Michigan’s Surveys of Consumers. Year-ahead and long-run inflation expectations also ticked up, reflecting frustrations over sticky inflation.

This post appeared first on NBC NEWS
You Might Also Like
  • Boeing to raise as much as $25 billion to shore up balance sheet
  • Broadband industry quietly abandons Capitol Hill fight to revive low-income internet subsidy
  • Here’s why banks don’t want the CFPB to disappear
  • Home Depot is buying GMS for about $4.3 billion as it chases more home pros
Share
0
FacebookTwitterPinterestWhatsapp

previous post
‘Nothing would remain’: Iran’s president vows to completely destroy Israel if it launches ‘tiniest invasion’
next post
Fed Chair Powell says there has been a ‘lack of further progress’ this year on inflation

You may also like

Federal prosecutors are examining financial transactions at Block, owner of...

May 2, 2024

Tesla asks shareholders to vote again on Musk’s $56 billion...

April 18, 2024

Boeing and Airbus may have used ‘counterfeit’ titanium in planes,...

June 17, 2024

Musk says he’s sending Starlink tech to FAA while asserting,...

March 3, 2025

Stock splits are back in fashion. Here’s why, and which...

June 17, 2024

Stock market has worst day since 2022 as Tesla, Google...

July 25, 2024

Walmart rolls out new training programs for skilled trades as...

June 6, 2024

Burning rubber: How auto insurance prices have fueled inflation

April 11, 2024

McDonald’s reportedly temporarily shuts its U.S. corporate offices ahead of...

April 3, 2023

ETAG Tech Selects Atmosic’s Bluetooth Low Energy Solutions for its...

January 5, 2023

    Stay updated with the latest news, exclusive offers, and special promotions. Sign up now and be the first to know! As a member, you'll receive curated content, insider tips, and invitations to exclusive events. Don't miss out on being part of something special.


    By opting in you agree to receive emails from us and our affiliates. Your information is secure and your privacy is protected.

    Recent Posts

    • How to Find Compelling Charts in Every Sector

      July 10, 2025
    • White House accuses Powell of mismanaging Federal Reserve, citing headquarters renovation

      July 10, 2025
    • Italian chocolate giant Ferrero to buy Kellogg’s Froot Loops maker

      July 10, 2025
    • OpenAI to release web browser in challenge to Google Chrome

      July 10, 2025
    • Sports executive charged with bid-rigging in Texas arena project

      July 10, 2025

    Popular Posts

    • 1

      Biden appointee played key role in recruiting Chinese...

      June 25, 2024 3,631 views
    • 2

      Trump-era China sanctions ended by Biden may be...

      June 27, 2024 2,919 views
    • 3

      Walz’s honeymoon with China gets fresh scrutiny as...

      August 9, 2024 2,607 views
    • 4

      Shein’s global ambitions leaves some cybersecurity experts fearful...

      July 10, 2024 2,577 views
    • 5

      Harris VP pick spent years promoting research facility...

      August 29, 2024 2,451 views

    Categories

    • Economy (7,009)
    • Editor's Pick (2,171)
    • Investing (538)
    • Stock (2,662)

    Popular Posts

    • 1

      Biden appointee played key role in recruiting Chinese businesses to Delaware: ‘Longtime friends’

      June 25, 2024
    • 2

      Trump-era China sanctions ended by Biden may be revived under new House GOP bill

      June 27, 2024
    • 3

      Walz’s honeymoon with China gets fresh scrutiny as Harris camp blasts ‘lying’ critics

      August 9, 2024
    • 4

      Shein’s global ambitions leaves some cybersecurity experts fearful of Chinese spy threats

      July 10, 2024
    • 5

      Harris VP pick spent years promoting research facility that collaborated with ‘Chinese military company’

      August 29, 2024

    Latest News

    • How to Find Compelling Charts in Every Sector

      July 10, 2025
    • White House accuses Powell of mismanaging Federal Reserve, citing headquarters...

      July 10, 2025
    • Italian chocolate giant Ferrero to buy Kellogg’s Froot Loops maker

      July 10, 2025

    Categories

    • Economy (7,009)
    • Editor's Pick (2,171)
    • Investing (538)
    • Stock (2,662)

    Disclaimer: RoundTableThoughts.com, its managers, its employees, and assigns (collectively “The Company”) do not make any guarantee or warranty about what is advertised above. Information provided by this website is for research purposes only and should not be considered as personalized financial advice. The Company is not affiliated with, nor does it receive compensation from, any specific security. The Company is not registered or licensed by any governing body in any jurisdiction to give investing advice or provide investment recommendation. Any investments recommended here should be taken into consideration only after consulting with your investment advisor and after reviewing the prospectus or financial statements of the company.

    Copyright © 2024 RoundTableThoughts.com. All Rights Reserved.

    Round Table Thoughts
    • Investing
    • Stock
    Round Table Thoughts
    • Economy
    • Editor’s Pick

    Read alsox

    Kroger and Albertsons are spending billions...

    December 15, 2024

    Why the Fed keeping rates higher...

    April 25, 2024

    Why everyone is suddenly talking about...

    May 30, 2024
    Sign In

    Keep me signed in until I sign out

    Forgot your password?

    Password Recovery

    A new password will be emailed to you.

    Have received a new password? Login here