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Wall Street sells off, led by Apple shares amid inflation, rate concerns

Monday May 9, 2022. 10:22 PM , from Mac Daily News
U.S. stocks ended sharply lower on Monday, led by declines in Apple and other mega-cap growth shares as the benchmark 10-year yield hit fresh 3-1/2 year highs and investors grew more concerned about rampant inflation and rising interest rates.

Caroline Valetkevitch for Reuters:

The S&P 500 fell below 4,000, with Apple shares the biggest weight on the index, as well as on the Nasdaq.
Investors are worried about how aggressive the Federal Reserve will need to be to tame inflation. The U.S. central bank last week hiked interest rates by 50 basis points.
“Markets are digesting the start of a return to a more normal monetary policy environment,” said Kristina Hooper, chief global market strategist at Invesco in New York.
“Moving more aggressively (on rates) raises the specter of a recession, especially with all of these complications – high inflation, Russia’s invasion of Ukraine, COVID-related supply chain disruptions,” she said.

MacDailyNews Take: Well, we got down to $151.50, but not below the $150 level we’re hoping to see. Maybe tomorrow!
‘Tis best to get a handle on inflation, if you know how, while you still can. – MacDailyNews, May 11, 2021
Earlier this year, Interactive Brokers founder Thomas Peterffy said, “Inflation is 7% — 1% or 2% [in interest rate hikes] doesn’t mean anything. If they really wanted to stop inflation, they would have to raise rates to 4%, 5%, 6%.”
Inflation is repudiation. — Calvin Coolidge
When a business or an individual spends more than it makes, it goes bankrupt. When government does it, it sends you the bill. And when government does it for 40 years, the bill comes in two ways: higher taxes and inflation. Make no mistake about it, inflation is a tax and not by accident. — Ronald Reagan
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The post Wall Street sells off, led by Apple shares amid inflation, rate concerns appeared first on MacDailyNews.

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