Posted 2/13/2024, 2:42:00 PM
Stocks Tumble as Hot Inflation Data Stokes Rate Fears
- The Dow Jones Industrial Average tumbled over 400 points Tuesday after a hotter-than-expected inflation report that could affect future interest rates.
- Several artificial intelligence stocks like Arista Networks, Cadence Design Systems, and Arm Holdings plunged on earnings news or inflation concerns.
- The 10-year Treasury yield jumped to 4.28% as oil prices extended recent gains, with West Texas Intermediate futures rising above $77 a barrel.
- Lennar, MongoDB, Samsara, UiPath, Procter & Gamble, and Walmart are among stocks flashing buy signals amid the ongoing market rally.
- Apple and Microsoft shares declined Tuesday morning, while Nvidia and Tesla snapped multi-day win streaks the previous session.