Posted 2/14/2024, 3:37:00 AM
Stocks Sink as Inflation Jumps, Tech Earnings Disappoint
- Stock market suffered sharp losses Tuesday after hotter-than-expected inflation data; Shopify, Arista, and other earnings disappointments added pressure
- Dow undercut 21-day line; S&P 500 and Nasdaq approached their 21-day averages
- Winners were outnumbered by 11-to-1 on NYSE and 5-to-1 on Nasdaq in weak market breadth
- Treasury yields surged, reflecting expectations of higher rates and fewer Fed rate cuts
- Robinhood, Lyft, Airbnb, Allison Transmission shares gained on earnings reaction overnight