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Tue, June 6 at 7:00PM ET

Midday Market Update: Why Are Stocks Down Today?

Investors are wondering why stocks are down today and we’ve got the answer in our midday market update for Tuesday.

image representing inflation, midday market update

Source: g0d4ather /

The big news today that has investors shaking comes from the Consumer Price Index for August 2021. People have been pouring over the data, which shows significant increases in prices year-over-year.

Let’s dive into that data below to understand why traders aren’t happy about the CPI report.

  • The price increase for all items increased an average of 5.3% over the last 12 months.
  • Breaking that down, we saw food prices increase 3.7% YoY.
  • Energy costs also surged 25% from the same time last year.
  • Gasoline in particular jumped much higher with a 42.7% increase since August 2020.
  • When looking at all items not including food and energy, consumer prices were up 4%.
  • The price for used cars and trucks also saw a 31.9% jump from the same period of the year prior.

It’s also worth pointing out in our midday market update that concern about rising prices has spread online. As of this writing, #inflation is trending on Twitter (NYSE:TWTR) with users discussing the report and other factors.

Let’s take a look at what some people are saying about inflation on Twitter.

With consumer prices rising, there’s sure to be more talk about inflation rates over the next few months. That could lead to an expensive winter and demand increases during the holiday shopping season. We’ll have to wait and see how this plays out for the stock market until then.

Traders looking for more stock market news today will want to keep reading!

InvestorPlace has all the latest stock market news that you need to know about! That includes what has shares of DatChat (NASDAQ:DATS), SmileDirectClub (NASDAQ:SDC), and FuelCell Energy (NASDAQ:FCEL) stocks on the move today. You can find out more about these matters at the links below!

More Stock Market News for Tuesday

On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the Publishing Guidelines.

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