Dow Jones Industrial Average YM00 futures were down about 300 points, or 1%, as of midnight Eastern, while the S&P 500 ES00 futures were down -1.43% and the Nasdaq-100 NQ00 were down. , -1.90% marked an even steeper decline. Prices for bitcoin and other cryptocurrencies also fell over the weekend, with bitcoin BTCUSD falling -6.94% below $ 26,000 to its lowest level in 18 months and more than 60% off its all-time high. last November. Crude prices CL.1, -1.50% fell on Sunday. Also: Celsius lending platform Crysto suspends withdrawals and transfers amid “extreme market conditions” Shares fell sharply on Friday. Dow DJIA, -2.73% fell 880 points or 2.7%, closing at 31,392.79. the S&P 500 SPX, -2.91% fell 116.96 points or 2.9%, to finish at 3,900.86. and the Nasdaq Composite COMP, -3.52% fell 414.20 points or 3.5%, closing at 11,340.02 points. For the week, the Dow fell 4.6%, the S&P 500 fell 5.1% and the Nasdaq sank 5.6%. It was the biggest weekly loss since January for all three major benchmarks, according to Dow Jones market data. Read: Shares sink again as hot inflation signals shockwaves in market: What investors need to know Markets fell after renewed inflation concerns as a new report showed higher-than-expected readings. The consumer price index on Friday showed that US inflation rose 1% in May, well above the 0.7% monthly increase forecast by economists surveyed by the Wall Street Journal. The annual interest rate increased by 8.6%, exceeding the 40-year high of 8.5% observed in March. Federal Reserve policymakers are due to meet this week and are expected to raise interest rates by 50 basis points, although some economists believe that after Friday’s CPI report, there may be support for a more aggressive 75 basis point increase. . See also: “Pigeons are not in the FOMC right now”: Economists expect a falcon meeting of the Fed this week “The US CPI for May was a nightmare for risk markets,” Stephen Innes, chief executive of SPI Asset Management, wrote in a note Sunday. “The market is now thinking a lot more about raising Fed interest rates sharply higher to reach above inflation and then have to slow down as growth falls. This will leave traders and investors “thinking about how much further tightening central banks can offer” and, therefore, how much higher returns can come from here. “And we all know that nothing good happens when interest rate volatility jumps into the capital markets.”
