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The Dow Has Dropped Over 200 Points

Stocks dipped on Wednesday as investors expected new inflation data later this week.

The Dow Jones Industrial Average fell 191.13 points, or 0.54%, to 35,123.36. The S&P 500 dropped 0.7% to 4,467.71. The Nasdaq Composite fell 1.17% to 13,722.02.

Penn Entertainment gained 9.1% in one day after the gaming firm announced plans to develop an online sportsbook with ESPN dubbed ESPN Bet this autumn. Roblox fell nearly 22% after missing Wall Street forecasts for its second quarter.

These moves come ahead of the release of the consumer price index for July, which is scheduled for Thursday.

Investors have been watching the index in recent months for clues about how the Federal Reserve would set interest rates in the future. Dow Jones polled economists estimate inflation to rise 3.3% in July.

“Markets are focusing on whether or not inflation is falling fast enough to allow the Fed to stop rising rates,” said Bill Merz, head of capital markets research at US Bank Wealth Management. “It’s slowed, but it’s still too high.” And the Fed is at a crossroads.”

Source (CNBC)

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