Nasdaq 100 Falls Over 2% as Hot US CPI Inflation Shakes Wall Street, Dow Jones and S&P 500 Pull Back From Record Highs - The Bureau of Labor Statistics reported that headline inflation rose to 3.8% year-over-year in April, up sharply from 3.3% in March. That number alone was jarring enough. But the real alarm bell came from core CPI — which strips out food and energy — climbing to 2.8%, above the 2.7% consensus estimate and above March's 2.6% reading. It is a number the Federal Reserve cannot easily ignore, and markets moved swiftly to price in the consequences. US CPI inflation, once on a slow descent toward the Fed's 2% target, has reversed course with uncomfortable speed.
The Nasdaq was down 1.42%, the S&P 500 slipped 0.59%, and the Dow Jones held relatively steady, declining just 0.03% — but that calm in the blue chips masked real carnage beneath the surface. Technology stocks absorbed the brunt of the damage, and in some cases the losses were severe enough to erase weeks of gains in a single afternoon session.
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