US Stocks Plummet as Inflation Fears Resurface

The US stock market experienced a downturn yesterday due to renewed inflation fears and oil price hikes. The Dow Jones Industrial Average fell 1.32% to 52,759.21, while the S&P 500 dropped 0.87% to 7,641.16.

Amazon led the decline among tech companies, plummeting over 2%. Walmart's stock tumbled more than 9%, its largest single-day drop since 2022, dragging down the consumer staples sector by 2%. Moderna's share price fell over 23% after surging 177% the previous day.

In contrast, some sectors bucked the trend. The optical communications and storage sector saw gains, with Marvell rising 5.8%, Lumentum up 6.2%, and Micron increasing by 3.97%. The US dollar index staged a V-shaped recovery, rebounding 0.38% from its intraday low.

Cryptocurrencies surged for the second consecutive day, with Bitcoin breaking above $72,000 for the first time since early June. Ethereum rose more than 20% over the past two days.