business / news / / Benzinga
U.S. equities tumbled from record highs Tuesday after a hotter-than-expected April inflation report consolidated worries that the Federal Reserve will not cut interest rates this year.
April Consumer Price Index reached 3.8% year-over-year, the highest since March 2023.
KEY POINTS
- Market expectations for a Fed rate cut in 2024 have nearly evaporated after the inflation report.
- 30-year Treasury yield surpassed 5.02%, a key psychological threshold.
- South Korea is considering an 'AI Citizen Dividend,' impacting chip sector stocks globally.
COMPANIES
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