U.S. stocks fell sharply on Tuesday, with the Dow plummeting 1,200 points, after a key August inflation report came in hotter than economists expected, hurting investor optimism for less aggressive Federal Reserve interest rate hikes.
Jesse Pound and Carmen Reinicke for CNBC:
The Dow Jones Industrial Average slid 1,276.37 points, or 3.94%, to close at 31,104.97. The S&P 500 dropped 4.32% to 3,932.69, and the Nasdaq Composite sank 5.16% to end the day at 11,633.57.
More than 490 stocks in the S&P 500 fell… The August consumer price index report showed a higher-than-expected reading for inflation… On a year-over-year basis, inflation was 8.3%.
The report is one of the last the Fed will see ahead of their Sept. 20-21 meeting, where the central bank is expected to deliver its third consecutive 0.75 percentage point interest rate hike to tamp down inflation. The unexpectedly high August report could lead the Fed to continue its aggressive hikes longer than some investors anticipated.
MacDailyNews Take: After drifting around aimlessly for far too long on the U.S.S. Transitory, the delusional Fed is laughably too little, too late.
Catching up will be difficult. But, hey, good luck on that soft landing. 🙄
Apple (AAPL) shares shed $9.59 (-5.87%) to close at $153.84 in regular trading on Tuesday.
In January, Interactive Brokers founder Thomas Peterffy said, “1% or 2% [in interest rate hikes] doesn’t mean anything. If they really wanted to stop inflation, they would have to raise rates to 4%, 5%, 6%.”
The Fed’s current target interest rate range is 2.25% to 2.50%.
‘Tis best to get a handle on inflation, if you know how, while you still can. – MacDailyNews, May 11, 2021
Stop the misguided crusade against domestic energy production and profligate federal spending and inflation will be stopped dead in its tracks. It’s not difficult. – MacDailyNews, May 11, 2022
Please help support MacDailyNews. Click or tap here to support our independent tech blog. Thank you!
Shop The Apple Store at Amazon.
Maybe spending $4 trillion in one year is not a great idea. Maybe the “Inflation Reduction Act” is actually the biggest “Inflation Creation Act” ever and the party that voted for it is the biggest pack of liars to ever roam the planet. I think I am right.
Yeah we should stop doing things like this (under Trump).
https://www.motherjones.com/politics/2017/12/trump-just-signed-a-1-5-trillion-tax-cut-for-the-rich-heres-how-we-could-have-spent-that-money/
Mother FN Jones?!? Puuuhlease, that Liberal rag!
I could easily pay off that 1.5 trillion tax cut by cutting 1.5 trillion from this bloated US government. Let those overpaid freeloading bureaucrats find real jobs in the private sector where, in order to keep them, have it based on their merit and job performance. And the government that spends like drunken sailors can get their penny pinching fingers out of American’s wallets!
How FN stupid are you? I was just pointing out the $1.5 trillion dollar Trump tax giveaway to the rich. It’s not the Mother Jones messenger, it’s the tax giveaway message idiot.
You couldn’t pay off your dilapidated van down by the river.
Puuuuhleeeze indeed!!!
It’s NOT A TAX GIVEAWAY you dumb f*ck as it was never the governments money in the first place. Theft by government under the guise of taxation, but Trump was just returning the money to the rightful owners.
The federal government collected $4.1 trillion in revenue in fiscal year 2021 (FY2021). The federal government spent $6.8 trillion in FY2021.
Spending $6.8 trillion, there’s your problem. NOT giving back $1.5 trillion to the rightful people who earned it.
What a bloviating retard you are!
Gullible is truly an apt adjective.
Business is always looking for a free government handout you gullible twit, especially under all-too obliging Republicans. You fool no one with your gaslit lame explanations. Republicans are complicit in our national debt problems. Democrats bare some blame too but don’t kid yourself bonehead.
Now imagine that number with food and energy increases counted. Yea, only politicians could come up with inflation rates that ignore those two categories.
Only an idiot does not understand taxation giving people their money back. All citizens benefited from Trump Tax Cut, not just the rich who create our jobs. LOL citing the most Extreme Leftist Rag with no credibility that only liberal fools read. Late August Biden announced $3 billion in additional spending targeted for Ukraine dumped in a black hole with no accounting. Trump spent money wisely creating arguably the best economy possibly in history. Your stupidity is absolutely staggering and you don’t even realize it. Talk about ‘Libturd’ gullible.
Yep, Biden, the biggest a-hole that ever walked the face of the earth
Voters should have to pass a basic competency test before being granted photo voter IDs in order to vote in person via secure, auditable paper ballots.
Competency test? I guess a 7 million vote loss wasn’t big enough for you.
Were those votes the ones in suitcases under the table pulled out in the middle of the night and counted after Trump was way ahead earlier. Or, possibly the thousands of drop boxes in battleground states unmonitored where Mules dumped handfuls of fraudulent votes at a time. Or, illegals, people voting more than once and small amounts of dead people voting. I’m guessing all of the ABOVE. The point is possibly the most fraudulent presidential vote in history right up there with tactics in the 1960s. Snark is fine, yet incomplete and 2020 vote NOT 100% credible…
If the democrats cheated to put Biden in office like you are suggesting, why didn’t they also make sure to have more than a 1 vote majority in the Senate? Remember that you filled out 1 ballot, so if they were going to cook the books on the ballots, why not go for the gold?
Why, so fucking gullible idiots like you would ask that question and you fell for it hook, line an sinker, just like they planned. Are you more gullible or stupid?
It’s more likely that you guys can’t manage to wrap your heads around the basic logic that if the Democrats were going to cheat, they would have gone big and made sure that they had enough control in the Senate that they didn’t have to worry about Manchin tanking things they want to do. But like with anything related to politics you guys can’t react with any form of civility, it’s always insults. Here’s a hint, Trump lost, and lost badly. Being a sore loser is not a good look, especially for people who claim to believe in our form of government. If you don’t believe in it, just say so, if you believe the only elections that are fair are the ones your guy wins, just admit that you don’t believe in our system and be honest about it.
For which no one has a stitch of credible proof, just accusation.
They can never every answer either my question or yours. It’s always some level of “I’m just asking questions” if you manage to corner them
You’re well-done… uh… watermelon… uh… wha?
Yes, it seems that U.S. Presidential Elections purchased by Mark Zuckerberg have consequences.
Some major Carteresque pain is required at first, to teach younger voters a valuable lesson, but, when Democrats are finally, rightfully cast into the wilderness for a decade or more, we’ll be able to enjoy the sequel to the The Reagan Revolution!
Can’t wait to Make America Great Again starting this November!
Same old repetitive crap from First Then.
Have you considered the fact that many millions of women will vote against Republicans because of your right-wing imbecilic Supreme Court judges that overturned Roe v Wade? Of course you’ll say that the elections were crooked or another big lie.
My sympathies in advance for when you’re disappointed in November and in 2024.
Actually…no sympathy really.
ABORTION IS MURDER
It’s actually not but thanks for trying
Reminder veritas. You are a fucking idiot
MDN states elsewhere:
“Off-topic posts and ad hominem attacks will be deleted and those who post such comments will be moderated/blocked. Permanent loss of screen name could also result.”
Surely posts like this by “Sam” should be moderated.
What needs to be moderated is libturd stupidity. You are too fucking stupid to know the damage you have done.
Sam, you should really stop with your comments.
It’s better to let people think you are an Idiot than to open your mouth and prove it.
vertASS,
Pointing out the stupidity of libturds like yourself is a public service.
I do it because you are too fucking stupid to know you are stupid.
You need constant reminders. My work is never done.
Here is all that you need to know about libturds:
They call patriotic Americans working to improve the country, deplorable, and they call ILLEGAL aliens, infesting our country, dreamers.
The only greater stupidity would be if they voted for a lying, corrupt, racist dementia patient and a whore. Who is stupid enough to do that??????
you have a lot of hate, I might suggest therapy or an anger management course
I only hate, no, DESPISE stupidity and libturds, so I am quite happy, but thanks so much for you thoughtful concern.
Even better, reminding libturds of their stupidity is surprisingly fun!!
Well, it’s obviously time to celebrate!
Inflation brings merriment and President Basement wants all to rejoice.
What a fine way to kick it off with folk hero, James Taylor, singing Fire and Pain:
Could I get a yelp for tone deafness and definitions that mean nothing!
wait inflation was fixed, at least until 2022 midterms are in the books
Inflation (way) up. Dow (way) down. What are all those right-wing conspiracy-theorist Trump-huggers complaining about?
Inflation (way) up. Dow (way) down. What are all those left-wing conspiracy-theorist Trump-haters complaining about?
Wall Street whining. It’s not the government’s job to protect your gambling habit.
How exactly is paying mooore to fill the tank on the way to buy mooore expensive groceries a gambling habit? Someone please explain
“Dow plummets 1,200 points on rampant U.S. inflation“