Stocks on Wall Street took a massive tumble across the board on June 10, after a highly anticipated inflation report and consumer sentiment survey produced disappointing results.
The May Consumer Price Index (CPI) report by the U.S Bureau of Labor Statistics surprised experts with a rapid rise in prices due to inflation, and bad news from the preliminary reading of the University of Michigan’s Consumer Sentiment Index (CSI) for June saw consumer sentiment hitting a record low.
The May consumer price index rose 8.6 percent year-over-year to its highest level since 1981, which is 6 percent if excluding food and energy prices, and well above the forecasted 8.3 percent increase for the main index and 5.9 percent for the core index….