Nasdaq loses over 3% as US inflation comes in worse than estimate


The US’ Nasdaq stock exchange fell more than 3% to end Wednesday as consumer inflation data coming in worse than estimate intensifies the pressure on technology companies.

The tech-heavy index plummeted 373 points, or 3.2%, to close at 11,364.

While the Dow Jones lost 326, or 1.02%, to finish at 31,834 points, the S&P 500 fell 66 points, or 1.65%, to end the day at 3,935.

Annual consumer inflation in the US rose 8.3% in April, according to the Department of Labor. However, the market expectation for the figure was to come at 8.1%.

Inflation in the US is still hovering around its record annual gain of 8.5% posted in March — the largest increase in more than 40 years.

Although the VIX volatility index, also known as the fear index, fell 1.3% to 32.56, the dollar index rose 0.1% to 104.01.

The 10-year US Treasury yield declined 2.3% to 2.925%.

Precious metals continued their increase, with gold adding 0.76% to $1,852 and silver rising 1.3% to $21.55.

Crude oil prices jumped around 5%.

Global oil benchmark Brent crude was trading at $107.09 for a 4.5% daily gain, while the US benchmark West Texas Intermediate (WTI) was at $105.23 – a 5.5% increase.

Price of Bitcoin dipped to $29,001 at 4.15 p.m. EDT for a daily loss of over 6%, while the total value of crypto market dove 11.3% to $1.27 trillion for the day.

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