U.S. stock indexes fell in Thursday trading, with growth stocks including bellwether Apple leading declines as investors worried that aggressive interest rate increases to curb decades-high inflation could tip the economy into recession.
Megacap stocks Meta Platforms, Microsoft Corp, Google-owner Alphabet Inc, Apple Inc, Amazon.com, and Tesla Inc slipped between 1% and 2.1% in premarket trading.
The tech-heavy Nasdaq index slumped over 3% on Wednesday, bringing year-to-date losses to 27.4%… The S&P 500 growth index has declined 25.6% so far this year…
The Labor Department said Thursday that its producer price index, which measures inflation at the wholesale level before it reaches consumers, climbed 11% in April from the previous year. On a monthly basis, prices grew by 0.5%. Although that marks a slight moderation from March’s reading of 11.2%, the gauge still came in higher than the 10.7% forecast by Refinitiv economists, suggesting inflationary pressures remain strong.
Core inflation at the wholesale level, which excludes the more volatile measurements of food and energy, increased 0.6% for the month, following a 0.9% increase in March. Over the past 12 months, core prices were up 6.9%.
MacDailyNews Take: Can we be so bold as to hope for Apple’s share price to dip into sub-$140 territory? 🤞🏻
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