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US stocks in the red with Dow Jones posting biggest decline
Bad news from across the pond. All stocks in the US are in the red-- with the Dow Jones posting its biggest decline since March 2023. That's as a hotter-than-anticipated inflation reading fuelled a sell-off as traders worried that the Federal Reserve may not cut interest rates as early as they had hoped, around the second quarter this year. The consumer price index gained 0.3% in January almost every month and rose 3.1% year over year. Economists expected a 0.2% month-over-month increase and 2.9% yearly. It's not only stocks that are in the red signaling panic in the market, but the VIX (or the fear-gauge, on the markets) is jumping 13%. Shelter prices, which comprise about one-third of the CPI weighting, accounted for much of the rise. When we say shelter prices we mean rent, mortgage payments, real property taxes, heating fuel, gas, electricity, water, all the things having to do with housing. Food prices moved higher as well.
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