Key Facts
In May 2023, the Consumer Price Index rose 4.2% year-over-year, marking the highest inflation rate since April. Key contributors to this increase were soaring energy prices, accounting for over 60% of the overall inflation surge.
Market reactions were volatile, particularly following President Trump’s threats of expanded military action in Iran, which caused a selloff in major indexes. As of 12:12 p.m. ET on Wednesday, the Dow Jones Industrial Average and Nasdaq Composite were down 1.2%, while the S&P 500 was down 0.9%.
Additionally, Caterpillar stock dropped 5.9%, impacting the Dow by 331 points. In the tech sector, Nvidia fell 2.7%, erasing $131 billion in market cap, while Broadcom lost 4.8%, shedding $86 billion.
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