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Benzinga
Benzinga
Business
Wayne Duggan

Inflation Fears Send Stocks Lower As Investors Brace For Fed Rate Hike Next Week

Inflation Gary Gensler SEC Stock Market Target

The 2022 stock market weakness continued this week, with major indexes trading lower on another round of discouraging inflation data.

What Happened: On Friday morning, the SPDR S&P 500 ETF Trust (NYSE:SPY) dropped 2.6% after the Labor Department reported the consumer price index rose 8.6% in May, the highest U.S. inflation reading since 1981. Economists were expecting just 8.3% CPI growth in May, and the surprise uptick undermined investor hopes that CPI inflation had peaked at 8.5% in March.

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