S&P 500 slumps on hotter-than-expected inflation
A hot inflation report caused a deep knee-jerk sell-off in stocks, but major indexes managed to recover much, and in some cases all, of those losses. The S&P 500 finished down 0.3%, the Nasdaq 100 gained 0.1%, and the Russell 2000 lagged with a 0.9% decline.
Communication services was the lone S&P 500 sector ETF with a positive showing on the day, while energy was at the bottom of the leaderboard.
CVS was the best-performing S&P 500 constituent after reporting earnings that surpassed every Wall Street analyst’s estimate.
Super Micro Computer recouped some of Tuesday’s losses, as management “believes” they’ll make the deadline for necessary filings to stay listed on the Nasdaq and provided rosy guidance for fiscal 2026, offsetting a more dour near-term outlook.
Alibaba’s romp higher continued, with the company teaming up with Apple to develop AI features for users in China. Intel’s run continued, as well.
Private burrito taxi company DoorDash gained on robust order growth and a forecast of more to come.
Meanwhile, Micron slumped after its CFO warned of margin pressure ahead.
Zillow tanked as its guidance suggests high mortgage rates continue to weigh on the outlook for home sales.
