UPDATED: North American markets tumble, with U.S. stocks posting worst drop since June 2020
In New York, the Dow Jones industrial average was down 1,276.37 points at 31,104.97. The S&P 500 index was down 177.72 points at 3,932.69, while the Nasdaq composite was down 632.84 points at 11,633.57.Bond prices also fell sharply, sending their yields higher, after the latest U.S. Consumer Price Index report showed inflation decelerated only to 8.3 per cent in August, instead of the 8.1 per cent economists expected.
"If there is a shock to the market on the downside because of that magnitude of a rate hike, it would probably be done by the larger cap group of stocks that did not correct in the same fashion as the rest of the market did in the summer. And those were the larger cap technology names in the U.S. that were holding the S&P 500."Mokhtari anticipates markets will be range-bound over the next little while.
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