Bloodbath On Wall Street As Stock Market Plunges Into Bear Territory
https://www.dailywire.com/news/bloodbath-on-wall-street-as-stock-market-plunges-into-bear-territoryA plethora of poor economic news caused a massive stock market selloff on Monday morning.
Within an hour and a half of trading, the Dow Jones Industrial Average fell over 2.5%, the S&P 500 fell over 3.5%, and the Nasdaq fell nearly 4%.
“Markets around the world tumbled, as higher-than-expected inflation and lower-than-expected economic growth upend the outlook for interest rates and corporate profits,” The New York Times reported. “Stocks in Asia and Europe fell, investors dumped government bonds, oil prices slipped and cryptocurrencies crashed.”
Headlining the bad news in the United States is runaway inflation, which hit 8.6% last month for a fresh four-decade high. Even as wages nominally grew between May 2021 and May 2022, real wages dropped by 3% due to the faster rate of inflation. High energy prices continue to plague American consumers as prices at the pump reached a national average of $5 per gallon.
The stock market dropped a lot today. More to come tomorrow?
