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Stocks Turn Lower Wednesday: Tech Stocks Lead Markets Lower, Consumer Prices Exceed Estimates

Wednesday, May 11, 2022 02:09 PM | Nick Dey
Stocks Turn Lower Wednesday: Tech Stocks Lead Markets Lower, Consumer Prices Exceed Estimates

During trading Wednesday, 9 stocks traded to a 52-week high, while 495 stocks bottomed out at new 52-week lows. Today, the S&P 500 is down 1.2% while the Dow is down 0.71%, the Nasdaq is down 2.51%, and the Russell 2000 is down 1.62%.

Stocks turned lower Wednesday morning. Cryptos are sharply lower, with Ethereum leading losses (down 6.37%) and Bitcoin following suit (down 3.31%).

Atlanta Fed President Raphael Bostic stated today that he would support a larger rate hike if inflation levels stay too high. This followed a CPI report that exceeded estimates but showed a year-over-year inflation dip from 8.5% in March to 8.3% in April. This could imply that inflation has peaked, but - due to the monthly moves exceeding expectations - it could also point to a long, slow recovery from elevated levels.

Tech and growth stocks are dragging the market lower today, as the sector sheds 2.17%. Trillion-dollar giants are anchoring the decline in tech and growth stocks today, with Apple Inc (AAPL) losing 4.44% and Tesla Inc (TSLA) down 6.66%.

Meanwhile, in crypto news, TerraUST - which is an algorithmic stablecoin that is supposed to be pegged to the equivalent of $1 worth of TerraLUNA - is plummeting today. The "stablecoin" relies on arbitrage traders to swap UST for LUNA. But during extended and/or steep declines for the stabilizer LUNA (which is down 94% at the time of writing), arbitrageurs are harder to come by. Read more on the Terra project and algorithmic stablecoins here.

Sector Highlights

The Healthcare sector makes up most of our 52-week lows, as 150 out of our 495 lows come from the Healthcare sector. The Healthcare sector is outperforming the market today, decreasing 0.09% so far on the day. Over the last month, the Healthcare sector has underperformed the market, falling 11.23% while the S&P has declined 10.86%.

Healthcare: ABCL, ABOS, ABSI, ADGI, ADPT, AKRO, ALVR, AMWL, APEN, APYX, ARCT, ATAI, ATEC, ATIP, ATOS, ATRA, AVRO, AVTX, AWH, AXDX, BCRX, BDTX, BEAM, BFLY, BNGO, BTAI, BTX, BYSI, CCCC, CGEM, CKPT, CLPT, CLVS, CODX, COGT, COLL, CRDF, CUE, DAWN, DH, DSGN, DYN, EAR, EBS, ELAN, EPZM, ERAS, FBIO, FNCH, GLUE, GMED, GRPH, GRTS, HYPR, IBRX, ICLR, IDXX, ILMN, IMGN, IMGO, IMTX, IMVT, INFI, INO, ITOS, JNCE, KALV, KNSA, KOD, KYMR, LAB, LABP, LYEL, ME, MGTA, MNMD, MORF, MRNS, MRSN, NAUT, NEOG, NLTX, NMTR, NOTV, NRIX, NRXP, OCUL, OM, ORMP, OSUR, PASG, PDSB, PETQ, PHR, PLRX, PLSE, PLXP, PRDS, PRQR, PSTX, PYXS, QSI, QTNT, RBOT, RCUS, RDNT, RLAY, RNA, ROIV, RPTX, RXRX, RYTM, SBTX, SENS, SHCR, SLDB, SLGC, SMMT, SNDL, SRNE, STXS, TALK, TCMD, TECH, TIL, TLRY, TNGX, TNXP, TXG, VAPO, VCYT, VIRX, VOR, VXRT, WRBY, XERS, ZNTL, ZOM, AADI, ACIU, CLGN, CLNN, EFTR, HROW, IMNM, INKT, LHDX, TNYA, UTRS, VNRX

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