US stocks fall again amid lingering inflation angst
Wall Street stocks slid for a second straight session Wednesday following a choppy session as inflation worries continued to weigh on sentiment.
American factory growth sped up in May after slowing in the prior two months, even as employment contracted and firms continue to face supply challenges, according to a business survey.
Meanwhile, all 12 Federal Reserve regions reported growth, according to the central bank's "beige book" survey of business conditions, but a third of those said the pace has slowed, and three "specifically expressed concerns about a recession," the report said.
Stocks enjoyed rare gains last week but have been on the defensive this week again.
"It's going to swing back and forth over the next couple of months until we get some firm proof that inflation is coming down," said Brad Bechtel of Jefferies.
The Dow Jones Industrial Average finished down 0.5 percent at 32,813.23.
The broad-based S&P 500 fell 0.8 percent to 4,101.23, while the tech-rich Nasdaq Composite Index shed 0.7 percent to 11,994.46.
Among individual companies, Facebook parent Meta fell 2.6 percent as Chief Operating Officer and longtime company leader Sheryl Sandberg announced she was stepping down after 14 years.
Dow member Salesforce rocketed up almost 10 percent higher after the software giant reported better-than-expected earnings and characterized consumer demand as robust.
Delta Air Lines, meanwhile, fell 5.2 percent, even as it described "strong" market conditions and demand despite the drag from higher fuel costs.
(Source: AFP)
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