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• WTI crude fell 0.7% to settle at $120.67 a barrel
• 10-year Treasury yield rose 11.5 basis points to 3.156%
The quicker-than-expected rise in inflation, reported on Friday, sent US stocks crashing down, with each stock benchmark suffering their biggest weekly loss since January.
The Dow Jones Industrial Average lost 880 points, or 2.7%, to close at 31,392.79. The S&P 500 slipped 116.96 points, or 2.9%, to finish at 3,900.86, and the Nasdaq Composite dropped 414.20 points, or 3.5%, to end at 11,340.02.
The 10-year Treasury yield jumped 11.5 basis points to 3.156%, the highest since November 9, 2018.
The price of oil eased on Friday, as front-month futures for WTI crude, the US benchmark, fell 0.7% to settle at $120.67 a barrel.
On Tuesday, the Labor Department said that its consumer price index (CPI) jumped 8.6% compared to a year earlier, the biggest year-over-year increase since December 1981. The inflation data could heavily influence the Federal Reserve’s interest-rate decisions for later this year.
Market movers
Shares of banks, and cyclical stocks also moved lower, with Wells Fargo (NYSE: WFC) slipping by 6%, Goldman Sachs (NYSE: GS) shed more than 5%.
Shares of DocuSign Inc. (NASDAQ: DOCU) slumped 24.5% after the electronic-documents company missed on fiscal first-quarter earnings.
Shares of Netflix Inc. (NASDAQ: NFLX) fell 5.1%, after Goldman Sachs downgraded the company.
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