The S&P 500 Index ($SPX) (SPY) on Wednesday closed down -1.65%, the Dow Jones Industrials Index ($DOWI) (DIA) closed down -1.02%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed down -3.06%.
U.S. stock indexes Wednesday closed sharply lower. The S&P 500 dropped to a 13-1/2 month low, the Dow Jones Industrials fell to a 14-month low, and the Nasdaq 100 plunged to a 17-1/2 month low.
A sell-off in technology stocks Wednesday led the overall market lower after U.S. CPI data for April signaled that inflation pressures remain stubbornly high. Stocks sank to their lows Wednesday afternoon when Atlanta Fed President Bostic said he is open to “moving more” on interest rates if price growth continues at the current high pace.
Stocks were also weighed down Wednesday after Morgan Stanley said the rout in stocks isn’t over yet, and “we continue to believe that the U.S. equity market is not priced for this slowdown in growth from current levels.