Apple swoons, Nasdaq falls more than 3% amid historic U.S. inflation

Apple and other U.S. stocks ended sharply lower on Wednesday, with the Nasdaq dropping more than 3% and the Dow falling for a fifth straight day after historic U.S. inflation data did little to ease investor worries over the outlook for the American economy.

Inflation

Caroline Valetkevitch for Reuters:

The benchmark S&P 500 lost 1.7% and is now down 18% from its Jan. 3 record closing high.

The Labor Department’s monthly consumer price index (CPI)… increased 0.3% last month, the smallest gain since last August, while economists polled by Reuters had forecast consumer prices gaining 0.2% in April.

“It did not dispel the notion that there’s more to go in terms of reining in inflation,” said Quincy Krosby, chief equity strategist at LPL Financial in Charlotte, North Carolina.

Apple shares dropped 5.2% and were the biggest weight on the Nasdaq and S&P 500 indexes. “There is much focus right now on Apple,” Krosby said. “Given its weighting, Apple is the bellwether for the market from many perspectives.”

Investor concerns about whether the Fed will continue to hike interest rates aggressively have hit growth stocks especially hard. The consumer discretionary and technology sectors fell about 3% each, leading S&P 500 sector declines.

The Dow Jones Industrial Average fell 326.63 points, or 1.02%, to 31,834.11, the S&P 500 lost 65.87 points, or 1.65%, to 3,935.18 and the Nasdaq Composite dropped 373.44 points, or 3.18%, to 11,364.24.

MacDailyNews Take: This too shall pass.

Please help support MacDailyNews. Click or tap here to support our independent tech blog. Thank you!

Shop The Apple Store at Amazon.

15 Comments

          1. 25 Questions That Democrats Can’t Answer About The 2020 Election — Because They Know They Cheated

            • Why did the vote counting stop on election night in several swing states?

            • Why did the vote counting delays only happen in swing states?

            • Why were election observers barred from entering vote counting stations in swing states?

            • Why did Trey Trainor, the chair of the Federal Election Commission, declare on TV that election “observers have not been allowed into the polling locations in a meaningful way” and that “if they’re not, the law is not being followed, making this an illegitimate election” on November 6th, 2020?

            • Why are any electronic voting machines hooked up to the Internet?

            • Why were votes from the 2020 election sent overseas for “processing” and “tabulation” purposes?

            • Why would votes from 30 states in America be processed by a Canadian firm?

            • Why would the company that “tabulates” votes for 800 American counties be a recently bankrupt Barcelona-based firm with the Department of Defense as its best-known client?

            • Why would America’s electronic voting machines be under the ownership of citizens from foreign nations?

            • Why are so many electronic voting machine companies owned by shell companies?

            • Why did it take Maricopa County (Arizona) two weeks to count its votes?

            • Why did an audit expert find 74,000 more votes were counted in Maricopa County (Arizona) than were mailed out?

            • Why did Mark Zuckerberg fork over $400 million to his personal charity to run a parallel private election system in 2020?

            • Why did the Special Counsel in Wisconsin just release a report that called Zuckerberg’s donations in five Wisconsin counties a classic case of bribery?

            • Why did AG Merrick Garland at Biden’s Department of Justice threaten to interfere in a post-election audit conducted in Arizona — and authorized by the state of Arizona?

            • Why did a county circuit court judge in Wisconsin rule that the Wisconsin Elections Commission had run the 2020 election in an illegal manner?

            • Why have the voting machine companies refused to comply with subpoenas from the state officials of Wisconsin?

            • Why do the voting machine companies refuse to have their machines inspected even though these machines are used in public elections?

            • Why is a federal judge in Georgia refusing to release a report by a cybersecurity expert who inspected a Dominion machine and found it vulnerable to hacking and manipulation of the votes?

            • Why has Dominion Voting Systems refused to comply with the post-election audit in Arizona — which was ordered by the State of Arizona itself?

            • Why are more than 300,000 ballot transfer forms missing in Georgia’s 2020 election?

            • Why did Dominion Voting Systems fail to show up and answer questions from the elected officials of Pennsylvania after the 2020 election?

            • Why do 204,430 mail-in ballots in Arizona have mismatched signatures?

            • Why do 740,000 mail-in ballots in Arizona have broken chain of custody?

            • Why did the Wisconsin Special Counsel find that 50 nursing homes had 100% voter turnout and that cheating was widespread?

            1. Lol. Emerald Robinson got sacked by Newsmax for being stupid and lying – and that takes some doing!
              You have LUCIFERASE on the brain. Ya do know that Uranus the planet is not made of poop?
              Tho’ in your case…

          2. People signing stacks of ballots on the dashboard of their car before putting them in the drop box… nothing to see here (even though the woman is on camera)

            Yep, people wearing rubber gloves driving around at 3:00am dropping off stacks of ballots… totally normal

            All on camera with corresponding location data… all BS

            All mention of mules blocked from social media… just like Hunt’s laptop… nothing to see here

            Most secure election in history! Wonderful!

  1. FWIW (and it’s worth is ???), Apple’s right at about an an S line that hasn’t been breached since since before September 2020. But it also hasn’t been tested since August of 2021. So a bounce here (however temporary or not) has a slightly elevated chance. Just know that overall economic bad news on any given day will breach S lines like they didn’t exist.

    1. It’s looks like Trump stepped in a pile of Country Joe’s brains.

      What do Joe Biden and, judging from his comments, Country Joe have in common? They have few brain cells left and thus should use them sparingly.

  2. Regardless of where one stands on the issue, you have to admit, when the Treasury Sec of the US (biggest econ in the World) advocates for abortion because it’s a better choice for the econ, something is rightfully bent. Besides racial implications (% of blacks aborted is greatest), it speaks to the concerning issues of demographics…as the US’s birthrate is barley above a sustaining level. But, but…we are willing to let into our country those that have not been proven to be free of illegality, sickness…or to offer skill/talent.

    Capt Lu-lu here…welcome to where we are going…we do not know.

Reader Feedback

This site uses Akismet to reduce spam. Learn how your comment data is processed.