Lean Hog Futures Surge Despite Sell-Off in Outside Markets Tuesday

U.S. stocks plummeted on Tuesday following the latest CPI data, which showed larger than anticipated inflation numbers despite declining gas prices. 

According to the U.S. Bureau of Labor Statistics, inflation rose 0.1 percent in August, contrary to expectations for a month-over-month decline in inflation from July to August after going unchanged in July. 

The BLS reported that annual inflation declined for a second consecutive month but remained historically high at 8.3 percent. The food index increased 11.4 percent over the last year. This was the largest 12-month increase since the period ending May 1979.

The Dow declined nearly 4% while the Nasdaq shaved off 5.2%. The S&P 500 fell 4.3%. Tuesday marked the worst day for the three indices since June 2020. Economists are concerned that the Federal Reserve will raise interest rates further to combat ongoing inflationary pressures...

 

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