The stock market witnessed a decline in the last trading session, with the Dow Jones Industrial Average (DJIA) losing 326.63 points. At the same time, the S&P 500 and Nasdaq Composite declined 1.6% and 3.1% to close at 3,935.18 and 11,364.24, respectively.
Yesterday’s sell-off can be attributed to hotter-than-expected inflation data. April’s consumer price index increased 8.3% year-over-year, higher than the 8.1% estimate. Concerns over the Fed’s ability to fight the multi-decade-high inflation without pushing the economy into a recession primarily led to the market plunge.
