The stock market experienced a steep fall in the last trading session, with the Dow Jones Industrial Average (DJIA) dropping 2.7%, while the S&P 500 and the Nasdaq Composite lost 2.9% and 3.5%, respectively.
The last session’s sell-off could be attributed to the steeper-than-expected May inflation data. Analysts expected inflation to remain flat in May, but the consumer price index witnessed the highest increase since December 1981. This calls for aggressive interest rate hikes.
