U.S. stocks declined sharply again yesterday as hotter-than-expected inflation data triggered massive selling, especially in technology shares. US Stocks had their worst day in 4 months.
Inflation rose at its fastest pace since 2008 last month with the Consumer Price Index spiking 4.2% from a year ago, compared to the estimates for a 3.6% increase. The monthly gain was 0.8%, versus the expected 0.2%. Excluding volatile food and energy prices, the core CPI increased 3% from the same period in 2020 and 0.9% on a monthly basis.
At the end of April, a record number of jobs were open in the U.S.. The latest Job Openings and Labor Turnover Survey from the Bureau of Labor Statistics showed some 8.1 million jobs were available at the end of April. The prior high for this series, which dates back to 2001, came in November 2018.