(TheRedAlertNews.com) – BREAKING NOW: At the midway point of the stock trading day, all three major stock indexes are tanking following this morning’s report showing Americans continue to be hammered by record-high inflation.
As CNBC notes at Noon Eastern:
“Stocks dropped on Friday after a highly anticipated inflation report showed a faster-than-expected rise in prices and consumer sentiment hit a record low.
“The Dow Jones Industrial Average shed 758 points, or 2.4%. The S&P 500 fell 2.7%, while Nasdaq Composite sank 2.4%.
“The May consumer price index report came in at its highest level since 1981, putting pressure on the stock market. The report showed prices rising 8.6% year over year, and 6% when excluding food and energy prices. Economists surveyed by Dow Jones were expecting year over year increases of 8.3% for the main index and 5.9% for the core index.” [emphasis added]
Providing an analysis of the situation, CNBC noted:
“The hot inflation flamed concerns about a potential recession for the U.S. economy. Elsewhere, the preliminary June reading for the University of Michigan consumer sentiment index came in well below expectations, hitting a record low.” [emphasis added]
One political analyst stated after seeing today’s economic news, “This is why Joe Biden and Kamala Harris are so unpopular and why the Democrats may suffer historic losses at the ballot box this coming November.”
THIS IS A BREAKING NEWS REPORT FROM RED ALERT NEWS.