U.S. equity markets reversed early gains as worries mounted over an uptick in COVID-19 cases and a consumer sentiment survey for July highlighted inflation concerns that are sweeping across America.
The Dow Jones Industrial Average fell 300 points or 0.86%, while the S&P 500 index and the Nasdaq Composite index slipped 0.76% and 0.8%, respectively.
The Dow had gained more than 100 points before the University of Michigan’s consumer sentiment index for July came in at 80.8, below the 86.5 Refinitv estimate. Traders paid particular attention to the part of the report that said consumers expect prices will increase 4.8% over the next 12 months, the most since August 2008.
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