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Stock market news live updates: Stocks post back-to-back sessions of declines, Dow drops by the most since February

by capitalizefinancial
May 12, 2021
in Markets
0

NEW YORK, NEW YORK - MARCH 10: View of Nasdaq building at Times Square on March 10, 2021, in New York. The Nasdaq Composite continued falling more than half a percent during the day. Also, the move away from Apple Inc, Amazon.com Inc , Facebook Inc, Tesla Inc and Microsoft Corp, falling during the day, helped small-cap stocks rise more than double the gains of the S&P 500. (Photo by John Smith/VIEWpress)
Stocks fell Tuesday, with the major indexes adding to Monday’s losses as inflation concerns rose. The Dow’s losses accelerated into the end of the trading day, bringing the index’s decline to nearly 500 points, or about 1.4%. A day earlier, the Dow briefly topped 35,000 for the first time ever before erasing gains to end in the red. The Nasdaq ended just below the flat line after its worst day since March on Monday, with technology stocks sliding as traders rotated away from high growth stocks that could be impacted by rising inflation during the recovery out of the pandemic.

With a strong quarterly earnings season winding down – aside from a couple notable names including Disney (DIS) reporting later this week – investors are taking stock of the next catalysts for markets, with rising prices a key focal point. According to data from Bank of America, mentions of inflation have increased nearly 800% year-over-year in quarterly earnings calls and reports. Bank of America equity strategist Savita Subramanian said that strong earnings, rising inflation and improving corporate sentiment “all point to a continued rotation into Value.”

 

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