Wall Street turns red;  investors brace for inflation data

Wall Street turns red; investors brace for inflation data

The main stock indices of the US market registered sharp falls this Thursday. Prices fell as investors fretted ahead of the release of key US inflation data for May.

The 11 subsectors of S&P 500 were in negative territory, with communication services being the worst. Adding to the jitters, the 10-year Treasury yield rose to 3,073%, the highest level since May 11.

The index nasdaq of high technological weight led the losses, although at the beginning of the session it was the only one that at times avoided them. The high valuations of technology firms have made them a prime target for sales.

Another factor investors are nervous about is the recent rise in oil prices. Together with the tightening of the monetary policy of the Federal Reservehave fueled fears of a global economic recession.

In this context, the index S&P 500 closed with a loss of -2.38% to 4,017.82 points. The dow jones, of 30 industrial giants, lost -1.94% to 32,272.79 units. The nasdaq technology led the declines with -2.75% to 11,754.23 units.

Among the broadcasters, the drop in Apple Inc., the largest company in the US market and the second largest by capitalization in the world. Its shares moved -3.60% and ended the session at the level of 142.64 dollars.

Inflation data is expected to show consumer prices rose 0.7% month-on-month in May, while the core benchmark, which excludes the volatile food and energy sectors, would have risen 0.5%.

A surprising increase in new applications for government support for the unemployed was also announced early, which with a figure of 229,000 in the week prior to June 3, marked a maximum not seen in five months.

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