Theplunged after a key inflation report missed estimates and showed a higher-than-anticipated increase in the price of consumer goods, closing down 880 points for the day, or 2.5%. Already worried about a possible economic downturn , they now fear that the Federal Reserve will recognize inflation as entrenched in the economy and increase interest rates further. The White House conceded that Friday's inflation number was "uncomfortably high," further stoking investor fears of policy action. "The [Federal Reserve] now recognizes that it is way behind the curve on inflation and must act more decisively," said Sohn. The Dow had its 10th down week in 11 and the S&P 500 and Nasdaq its ninth losing week in the past 10.

Source: CNN June 10, 2022 23:07 UTC