US indices closed the week sharply lower on Friday, June 10, after the latest CPI data showed inflation surged at an annual pace of 8.6% in May, triggering a panic selloff in growth stocks.
The S&P 500 fell 2.91% to 3,900.86. The Dow Jones decreased by 2.73% to 31,392.79. The NASDAQ Composite dropped 3.52% to 11,340.02, and the small-cap Russell 2000 fell 2.73% to 1,800.28.
The US inflation rose 1.0% in May on a seasonally adjusted basis, from an increase of 0.3% in the prior month, the Labor Department said on Friday. On an annual basis, the May CPI climbed 8.6%, the biggest increase since 1981, following a rise of 8.3% in April.