Dow plummets 472 points on inflation fears as tech stocks whipsaw

  • Date: 12-May-2021
  • Source: Business Insider
  • Sector:Financial Markets
  • Country:Gulf
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Dow plummets 472 points on inflation fears as tech stocks whipsaw

Stocks were volatile on Tuesday as fears of rising inflation persisted among investors. The Nasdaq initially fell more than 2% before briefly turning positive, while the Dow Jones fell more than 500 points before paring some losses. Fueling the surge in inflation expectations has been the actual surge in commodity prices, such as lumber, oil, and copper. This week's stock market decline hit high-flying tech stocks the most, with shares of Tesla down as much as 13% since the start of the week. Cathie Wood's ARK Invest flagship ETF was also being sold heavily by investors, as it fell 10% since Monday. Virgin Galactic, the pre-revenue space tourism company that seeks to launch paying customers into space, revealed an uncertain flight schedule as it deals with maintenance issues for its spaceship. after its first-quarter earnings report, but went onto reverse those losses and rise by as much as 9%. The company also said it will accept bitcoin as a form of payment and was weighing adding it to its balance sheet. The after Tesla CEO Elon Musk ran a poll on Twitter to see if the electric vehicle manufacturer should accept the meme-inspired cryptocurrency as a form of payment. Tesla