Stocks Collapse, Suffer Worst Day Since 2020

The Dow dropped an alarming 1,274 points

Deputy Editor

Sep 13, 2022 at 4:28 PM

Hotter-than-expected inflation data sent the market spiraling today. The highly-anticipated August consumer price index (CPI) was the culprit, rising 0.1%, while the core CPI climbed 0.6% last month -- leading investors to expect sizable rate hikes from the U.S. Federal Reserve. The reading also sent the two-year Treasury yield soaring to its highest level since November 2007.

The Dow finished the day with a seismic 1,276-point decline, its worst single-session drop since June 2020. The S&P 500 and Nasdaq also clocked their worst drops since June 2020.

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The Dow Jones Average (DJI - 31,104.97) dropped 1,276.37 points, or 3.9% for the day. Every Dow member finished the day in the red, with Travelers (TRV) landing at the top of the list with a 1.9% drop, while Boeing (BA) and Intel (INTC) had the worst days -- each losing 7.2%.

The S&P 500 Index (SPX - 3,932.69) fell 177.7 points, or 4.3% for the day, while the Nasdaq Composite (IXIC - 11,633.57) lost 632.84 points, or 5.2%.

Lastly, the Cboe Volatility Index (VIX - 27.27) gained 3.4 points, or 14.2%.

closing indexes sept 13 22

nyse and nasdaq sept 13

5 Things to Know Today

Streaming services are looking to increase their prices, and Warner Bros. Discovery CFO Gunnar Wiedenfels called HBO Max and Discovery+ "fundamentally underpriced." (CNBC)
Amazon (AMZN) today said it will invest over $450 million in two new benefits and rate increases for delivery service partners (DSPs) and drivers. (MarketWatch)
Underperforming Twilio stock has one fan.
Analyst sees EV tailwinds for semiconductor stock.
Why Rent the Runway stock plummeted today.

CPI Sends Commodities Lower

Oil prices snapped three-straight sessions of gains today, taking a breather after the hotter-than-expected August inflation data. October-dated West Texas Intermediate (WTI) crude fell 47 cents, or 0.5%, to settle at $87.31 a barrel on the New York Mercantile Exchange.

The CPI reading was at the center of gold's price action as well. December-dated gold fell $23.20, or 1.3%, to settle at $1,717.40 per ounce.

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