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Stocks nosedived after a surprising inflation report showed prices rose more than expected last month. All three major averages logged their worst day since June 2020. Technology stocks led the way down, with the NASDAQ Composite plunging 5.2%. Tuesday’s session marks the seventh time this year the NASDAQ slid 4% or more, per data from Bespoke Investment Group. No declines of the same size were recorded last year, while 10 were experienced in 2020.
The S&P 500 sank 4.3%, while the Dow Jones Industrial Average erased 1,300 points, or roughly 4%.
The Bureau of Labor Statistics released its Consumer Price Index (CPI) for August early Tuesday, which showed prices rose 8.3% over the prior year and 0.1% over the prior month. Economists had expected an 8.1% increase in inflation over last year and a decline of 0.1% over the prior month.
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