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U.S. stocks closed sharply lower on Tuesday, following the release of inflation data for August.
All three major indices recorded sharp losses, snapping four-session winning streaks and also recording their biggest single-session percentage declines since June 2020.
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U.S. Core CPI, which excludes volatile food and energy prices, jumped higher than expected to 6.3% in August from 5.9% in the previous month.
Shares of Apple Inc (NASDAQ:AAPL), Microsoft Corp (NASDAQ:MSFT) and Amazon.com Inc (NASDAQ:AMZN) also dropped sharply on Tuesday.
The Nasdaq 100 dipped 5.54% to close at 12,033.62 on Tuesday, while the S&P 500 fell 4.32%. The Dow Jones tumbled around 1,276 points to settle at 31,104.97 in the previous session.
All the major sectors on the S&P 500 closed on a lower note, with communication services and information technology stocks recording the biggest plunge on Tuesday.
The Chicago Board Options Exchange's CBOE Volatility Index (VIX) jumped 10.4% to 26.35 points.
What is CBOE Volatility Index?
The CBOE Volatility Index, popularly known as VIX, is a measure of the equity market's expectation of volatility based on S&P 500 index call and put options.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.