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• Dow Jones lost 876.05 points, or 2.8%, to close at 30,516.74
• The benchmark 10-year Treasury yield jumped to 3.325%
Friday’s inflation report caused a stock-selling frenzy on Monday as US stocks tumbled down, with S&P 500 entering a bear market and Dow industrials losing almost 900 points.
The Dow Jones Industrial Average lost 876.05 points, or 2.8%, to close at 30,516.74, after dropping as much as 1,019.07 points at its session low. The Nasdaq Composite dropped 530.80 points, or 4.7%, to 10,809.23.
The S&P 500 slipped 151.23 points lower, or 3.9%, at 3,749.63. The benchmark closed in bear market territory (down more than 20% from its high) after trading there briefly on an intraday basis about three weeks ago.
Treasury bond prices dropped, pushing the 10-year yield to its largest one-day move since March 2020. The yield on the benchmark 10-year Treasury note jumped to 3.325%, up from 3.156% on Friday, on pace for its highest close since 2011.
On Tuesday, the Labor Department said that its consumer price index (CPI) jumped 8.6% compared to a year earlier, the biggest year-over-year increase since December 1981. The inflation data could heavily influence the Federal Reserve’s interest-rate decisions for later this year.
Market movers
Shares of Coinbase Global Inc. (NASDAQ: COIN) finished lower by 11.4%, feeling a downdraft amid the broad weakness in cryptocurrencies. Bitcoin plummeted below $23,000 on Monday, hitting its lowest level since December 2020.
Shares of Boeing (NYSE: BA), Salesforce (NYSE: CRM) and American Express (NYSE: AXP) fell 8.7%, 6.9% and 5.2%, respectively. Delta Air Lines (NYSE: DAL) dropped more than 8% while United (NASDAQ: UAL) tumbled about 10%.
Shares of Astra Space Inc. (NASDAQ: ASTR) closed down by 23.8% after the orbital launch services company disclosed that it failed to deliver a payload after launch.
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