Economy

DOW DIVES: Inflation Report Sends Stocks into Nosedive, Dow Sinks Nearly 900 Points

posted by Hannity Staff - 9.13.22

Hot on the heels of a Tuesday morning’s terrible inflation report, the Dow Jones Industrial Average plummeted nearly 900 points in late-morning trading.

From CNN:

“[A]ll 30 Dow components were in the red. Nine Dow stocks, including tech giants Intel (INTC), Microsoft (MSFT), Apple (AAPL) and Salesforce (CRM), were down more than 4% each. The tech sector was hit particularly hard Tuesday, as investors ratcheted up their bets for a historically large interest rate hike by the Federal Reserve next week.

The Nasdaq fell nearly 4%. Higher rates are particularly bad news for growth stocks. Only one stock in the tech-heavy Nasdaq 100 index was higher Tuesday…and not by much. China’s Netease(NTES) was barely above breakeven levels.

Conservative news commentator Clay Travis shared the news on Twitter.

“Inflation is still white hot at 8.3% in August. Worse than expected. Stock market futures tanked on the news. Joe Biden remains a disaster, rinse, repeat.”

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