Dow drops 500 pts premarket after Sept. CPI figure13 Oct 2022 15:18
After spending a large part of Thursday morning over the flatline, the Dow Jones Industrial Average index plunged over 500 points in the premarket after the United States Bureau of Labor Statistics revealed in a report that the annual inflation rate in the country stood at 8.2% in September. The latest reading seemingly convinced markets that the Federal Reserve will move to a more restrictive monetary policy and maintain it until it sees signs of inflation easing.
The Dow Jones fell 1.64% or 478 points, the Nasdaq 100 dropped 2.83% and the S&P 500 lost 2.08% at 8:45 am ET.
The euro was down 0.63%, changing hands for $0.96392 a minute later.
Baha Breaking News (BBN) / MS