Hold on tight for another bumpy ride on Wednesday. A big reading on U.S. consumer price inflation has topped analysts forecasts, and stocks are selling off.
Tech is once again getting hit the hardest as investors ponder the possibility of higher rates. The dip buyers pulled the Nasdaq Composite back from the brink on Tuesday, while the Dow Jones Industrial Average
had its biggest one-day drop since the February rout.
But could the worst soon be over?
Providing our call of the day, Fundstrat Global Advisors’ founder Thomas Lee zeroes in on a couple of “panic events” that he believes could signal market capitulation. That occurs when investors dump their holdings, often driven by a correction, leading to a potential bottom for stocks.