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On Tuesday, the US stock indices dropped for the second session in a row. The Dow Jones industrial average showed the deepest daily drop from February 26. The negative dynamic was caused by the increasing concerns over the US inflation acceleration.
Thus, the Dow Jones Industrial Average declined by 1.36% to 34,269.16 points. Standard & Poor's 500 lost 0.87% to trade at 4,152.1 points. Nasdaq Composite dropped by 0.09% to 13,389.43 points. Notably, during the trading session, the indicator reached its 6-week low of 13,107.67 points.
At the same time, shares of most tech companies closed the trading day in the green after the recent decrease. Shares recouped all the losses.
Today, market participants are concerned that the US Fed will withdraw its stimulus measures earlier than expected to halt the inflation rise. However, experts are sure that it is too early to panic as inflation and employment in the US are far from the Fed's targets. They also suppose that inflation and employment will need much more time to show a rise.
On Wednesday, the US Labor Department will report on changes in consumer prices that took place in April. Analysts suppose that in the previous month, inflation reached the highest level since September 2011.
At the same time, yesterday's report revealed that in March, the number of vacancies in the US exceeded 8 million (8.123 million) for the first time since record began in December 2000. Analysts had expected a smaller rise to 7.5 million.
The stock market participants also focus on the corporate reports of the US large companies.
Thus, Palantir Technologies, a public American software company that specializes in big data analytics, doubled its net loss in the first quarter. Despite this fact, on Tuesday, the company's shares advanced by 9.4%.
Shares of Occidental Petroleum Corp., a US oil corporation, depreciated by 7.9%. The company's net loss declined six times in the first quarter of 2021 compared to the same period in the previous year.
At the same time, shares of the Perrigo Co. PLC, a pharmaceutical company, rose by 8% despite lower than expected financial indicators in the first quarter.
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