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Stocks “cry” because of US inflation, Apple was dethroned

The Nikkei 225 in Japan fell 1.57% as shares of Fast Retailing Group fell nearly 4%. Price Index stock Tokyo Topix is ​​down 1%.

In South Korea, the Kospi index fell 0.86%. The Australian stock market was also “burning” when the S&P/ASX 200 index fell 0.22%. The MSCI Asia-Pacific Index (excluding Japan) fell 0.44%.

Previously, according to the official report on May 11, the US consumer price index (CPI) in April increased by 8.3% from a year ago, near the highest level in more than 40 years. The CPI in April is down slightly from its March peak of 8.5% but still above the Dow Jones estimate of 8.1%.

Immediately after the report was released, the Nasdaq Composite fell 3.18% to 11,364.24 points while the S&P 500 fell 1.65% to 3,935.18. The Dow Jones Industrial Average also fell 1.02%, to 31,834.11 points. Gas stations and stores saw prices rise, but inflation has spread to housing, auto and a host of other industries.

So far this year, the US Federal Reserve (FED) officials have raised interest rates twice and pledged to raise interest rates until inflation falls to the target level of 2%. Meanwhile, the gold price has rebounded after the US inflation report when trading at 1,857 USD/ounce on the morning of May 12 (Vietnam time).

Apple is dethroned

Saudi oil company Aramco on May 11 surpassed Apple to become the most valuable company in the world. According to the calculation of software and financial data research firm FactSet (USA), the capitalization of Saudi Arabian oil company is currently nearly 2,430 billion USD. Meanwhile, Apple’s figure is $ 2,370 after Apple shares fell more than 5% in trading on May 11.

Energy prices and stocks rose as investors sold off stocks in several industries, including technology, on concerns about a worsening economic scenario. Apple stock has fallen nearly 20% since its peak of $182.94 on Jan. 4. Meanwhile, energy stocks increased. Aramco stock is up more than 27% this year. In March, the oil giant announced profits last year more than doubled due to soaring oil prices.

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