Stocks Plunge as Inflation Jumps and Shipping Threat Looms
The stock market experienced a downturn after midday on September 10th. The broad-market exchange-traded funds IWM and IVV saw losses, while Invesco QQQ Trust (QQQ) fell by 0.9%. US equity indexes declined following the release of an inflation gauge that showed a jump in prices at its fastest pace in three months.
The threat from an Iran-aligned militia group to use alternative shipping routes through the Strait of Hormuz also weighed on market sentiment. Energy stocks, including IShares US Energy ETF (IYE) and State Street Energy Select Sector SPDR (XLE), saw declines of 0.2% and 0.4%, respectively.
Technology sector shares were particularly hard hit, with State Street Technology Select Sector SPDR ETF (XLK) shedding 1.1%. Other tech-focused funds, including iShares US Technology ETF (IYW) and iShares Expanded Tech Sector ETF (IGM), dropped by 0.7% each.
Cryptocurrency markets were also affected, with bitcoin (BTC-USD) falling 1.4%. The ProShares Bitcoin ETF (BITO) and ProShares Ether ETF (EETH) saw similar declines of 1.4% and 1%, respectively.