Dow Tumbles 350 Points; US Inflation Rate Accelerates In May

U.S. stocks traded lower this morning, with the Dow Jones index falling over 350 points on Wednesday.

Following the market opening Thursday, the Dow traded down 0.74% to 50,496.00 while the NASDAQ fell 0.96% to 25,431.83. The S&P 500 also fell, dropping, 0.74% to 7,331.78.

Leading and Lagging Sectors

Energy shares jumped by 1.1% on Wednesday.

In trading on Wednesday, information technology stocks fell by 1.2%.

Top Headline

The annual inflation rate in the U.S. accelerated to 4.2% in May, recording its highest level since April 2023, compared to 3.8% in the previous month, and in line with market estimates.

Equities Trading UP
           

• VS Media Holdings Ltd (NASDAQ:VSME) shares shot up 461% to $4.62.
• Shares of Big Tree Cloud Holdings Ltd (NASDAQ:DSY) got a boost, surging 379% to $8.82.
• Tianci International Inc (NASDAQ:CIIT) shares were also up, gaining 190% to $3.48.

Equities Trading DOWN

• Youlife Group Inc – ADR (NASDAQ:YOUL) shares dropped 55% to $0.47 after gaining around 206% on Tuesday.
• Shares of Global Mofy AI Ltd (NASDAQ:GMM) were down 41% to $0.064. Global Mofy AI announced a 1-for-50 reverse stock split, effective June 11.
• CCSC Technology International Hldngs Ltd (NASDAQ:CCTG) was down, falling 37% to $1.12 after surging 271% on Tuesday.

Commodities

In commodity news, oil traded up 1.3% to $89.36 while gold traded down 2.3% at $4,186.00.

Silver traded down 0.8% to $64.725 on Wednesday, while copper fell 1% to $6.2570.

Euro zone

European shares were lower today. The eurozone's STOXX 600 slipped 0.2%, while Spain's IBEX 35 Index fell 0.2%. London's FTSE 100 fell 0.2%, Germany's DAX declined 0.7%, while France's CAC 40 fell 0.3%.

Asia Pacific Markets

Asian markets closed mostly lower on Wednesday, with Japan's Nikkei 225 falling 1.89%, Hong Kong's Hang Seng Index declining 0.64%, China's Shanghai Composite dipping 0.42% and India's BSE Sensex rising 0.09%.

Economics

• U.S. mortgage applications rose by 10.8% during the first week of June, following a 2.5% decline in the prior period.
• The annual inflation rate in the U.S. accelerated to 4.2% in May, recording its highest level since April 2023, compared to 3.8% in the previous month, and in line with market estimates.

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