A decline in gasoline prices couldn’t mask the problem that spooked investors on Sept. 13: Core consumer prices resumed their rapid increase during August.
Fear of the Federal Reserve’s ongoing tightening of monetary policy to fight inflation sent the Dow Jones Industrial Average
DJIA,
-3.94%
down 1,276 points (or 3.9%) to 31,104, with all 30 components showing declines as selling activity increased late in the trading session. It was the largest drop since June 2020.
The benchmark S&P 500
SPX,
-4.32%
fell 4.3%, with all but six component stocks down for the day. The Nasdaq Composite Index
COMP,
-5.16%
fared even worse with a 5.2% decline, reflecting selling of tech-oriented stocks.
Altogether, it was the worst one-day decline for the three indexes since June 11, 2020.
The Nasdaq-100 index
NDX,
-5.54%
fell 5.5% with every single component stock ending in the red.
Read: U.S. inflation roars back in August, CPI shows, despite falling gas prices
Nvidia Corp.
NVDA,
-9.47%
and Meta Platforms Inc.
META,
-9.37%
led the plunge for the largest tech-oriented companies in the S&P 500, each sliding 9.4%, followed by Advanced Micro Devices Inc.
AMD,
-8.99%,
which dropped 8.8%.
The five largest companies in the S&P 500 by market capitalization shed $477 billion in value, as you can see here:
Company
Ticker
Market cap – close on Sept. 13 ($mil)
Change in market cap – Sept. 13 ($mil)
Change in market cap – 2022 ($mil)
Price change – Sept. 13
Price change – 2022
Apple Inc.
AAPL,
-5.87%
$2,472,164
-$154,279
-$441,120
-5.9%
-13.4%
Microsoft Corp.
MSFT,
-5.50%
$1,881,179
…..
