Following the May consumer price index report noting that inflation has hit its worst point for the first time in over 40 years, many were looking to the stock market for some kind of hope heading into a troublesome summer. Alas, the Dow Jones Industrial Average did not provide such relief.
A new financial report revealed that the Average lost 690 points, or roughly 2.1 percent. In addition, the S&P 500 also dropped 2.5 percent, while the NASDAQ Composite fell 3.1 percent. Some experts believe this is due to the effects of inflation, and could lead to a potential recession in 2023.
The drop also affected a number of high-end companies. Microsoft dropped more than three percent; Apple lost 2.9 percent; and Netflix, gearing up for a summer of new content, lost nearly five percent following a recent downgrade by Goldman Sachs.