Update: DJIA craters by 1200+ points today following worse than expected inflation report

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Stocks fell sharply on Tuesday after a key August inflation report came in hotter than expected, hurting investor optimism for cooling prices and a less aggressive Federal Reserve.

The Dow Jones Industrial Average slid 1,244 points, or 3.8%. The S&P 500 dropped about 4.2%, and the Nasdaq Composite sank 5%. It was the worst day of the year for all three averages. More than 490 stocks in the S&P 500 fell, with Facebook-parent Meta dropping 8% and Caesars Entertainment losing 7.3%.

The drop erased nearly all of the recent rally for stocks, pulling the S&P 500 back toward its Sept. 6 close of 3,908 and causing some traders to glance back at mid-June, when the index fell below 3,700.

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The Dow Jones Industrial Average slid 900 points, or 2.8%. The S&P 500 dropped 3.2%, and the Nasdaq Composite sank 4.1%. More than 490 stocks in the S&P 500 fell, with Facebook-parent Meta dropping 7.9% and Caesars Entertainment losing 7.3%.

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Stocks fell sharply on Tuesday after a key August inflation report came in hotter than expected, hurting investor optimism for cooling prices and a less aggressive Federal Reserve.

The Dow Jones Industrial Average slid 830 points, or 2.6%. The S&P 500 dropped 3%, and the Nasdaq Composite sank 3.8%. More than 490 stocks in the S&P 500 fell, with Facebook-parent Meta dropping 7.6% and Caesars Entertainment losing 6.7%.

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Dow futures drop 400 points after hot inflation report

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Stock futures dropped on Tuesday morning after an August inflation report came in hotter than expected.

Dow Jones Industrial Average futures sank 406 points, or about 1.3%. S&P 500 futures fell 1.7% and Nasdaq 100 futures slid 2.3%.

The August consumer price index report showed a higher-than-expected reading for inflation. Headline inflation rose 0.1% month over month, even with falling gas prices. Core inflation rose 0.6% month over month.

Economists surveyed by Dow Jones had been expecting a decline of 0.1% for overall inflation, with a rise of 0.3% for core inflation.

The report is one of the last the Fed will see ahead of their Sept. 20-21 meeting, where they’re expected to deliver their third consecutive 0.75 percentage point interest rate hike to tamp down inflation. The unexpectedly high August report could lead the Fed to continue its aggressive hikes longer than some investors anticipated.

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