Stocks Suffer Another Selloff as Inflation Anxieties Flare Up

The CPI hit its highest level in 40 years

Digital Content Manager
Mar 10, 2022 at 4:30 PM
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It looks like the rebound stocks staged during Wednesday's session was too good to last, as equity markets gave back some of yesterday's gains after peace talks between Ukraine and Russia failed to make headway. Even further, an alarming inflation reading added to Wall Street's anxieties. The consumer price index (CPI), which measures a wide range of goods and services, hit its highest level in 40 years, topping estimates, thanks to rising food and energy costs. In response, the Dow shed 112 points, while the Nasdaq also saw a triple-digit drop, and the S&P 500 logged a substantial loss as well. 

Continue reading for more on today's market, including:

The Dow Jones Average (DJI - 33,174.07) lost 112.2 points, or 0.3% for the day. Chevron (CVX) led the gainers with a 2.7% jump, while Apple (AAPL) paced the losers with a 2.7% drop.

The S&P 500 Index (SPX - 4,259.52) dropped 18.4 points, or 0.4% for the day. Meanwhile, the Nasdaq Composite (IXIC - 13,129.96) rose 125.6 points, or nearly 1% for today's session. 

Lastly, the Cboe Market Volatility Index (VIX - 30.23) lost 2.2 points, or 6.8% for the day.

closing summary March10

nyse nasdaq March10

5 Things To Know Today

  1. The U.S. has extended its mask mandate on airplanes through April 18, after it was initially set to expire on March 19. (CNBC)
  2. Democratic Representative Ilhan Omar is one of 17 lawmakers in opposition of the bill aiming to ban U.S. imports of Russian energy product, while 414 are in support. (MarketWatch)
  3. Here's everything you need to know about Anthem stock amid the company's rebranding. 
  4. Bulls need to read this before investing in this risky semiconductor stock.
  5. Should investors buckle up with BKE before earnings?

Earnings March10

UVOL 0310

Oil Edges Lower While Gold Prices Snap Back Above $2,000

Oil prices inched lower today, marking their second-straight loss, though the session itself was volatile. Investors are mulling over whether or not their initial concerns over supply constrictions in the face of Russian sanctions were overwrought after Russia promised to fulfil its previous contractual obligations. April-dated crude shed $2.68 or 2.5%, to settle at $106.02 per barrel for the day.

Gold prices, meanwhile, found their footing as anxieties over inflation and the Ukraine-Russia conflict weighed heavily on the equities market, driving traders back toward the "safe haven" commodity. April-dated gold added $12.20, or 0.6%, to finish at $2,000.40 per ounce. 


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