Global markets were rattled today as investors reacted to a slew of economic news.
The Dow Jones Industrial Average dropped 400 points after the U.S. Labor Department released data showing a jump in inflation. This news caused investors to fear that the Federal Reserve may raise interest rates, leading to a sell-off in stocks.
Meanwhile, Singapore’s exports fell further in January, adding to the worries of investors. In response, the Straits Times Index declined 1.2%. Other Asian markets also suffered losses, with the Nikkei 225 in Japan falling 1.3%.
The U.S. Dollar rose as investors sought a safe-haven asset in response to the economic news. The greenback was also bolstered by comments from a Federal Reserve official, who said that the central bank would continue to monitor inflation levels.
On the earnings front, shares of Shopify Inc. plunged after the company reported lower-than-expected earnings.
In other news, Bitcoin prices rose as investors sought to capitalize on the market volatility.
Overall, investors remain cautious as they await further economic data.