Dow slides 200 points, stocks dip as inflation hits highest level since 1981; European stocks close lower as investors react to hot U.S. inflation data 
Stocks slipped on Wednesday after June inflation data hit its highest level since 1981, adding to growing fears that the Federal Reserve will get more aggressive in its fight to tame rising prices. 
The Dow Jones Industrial Average dropped 208.54 points, or 0.67%, to 30,772.79, while the S&P 500 dipped 0.45% to 3,801.78. The Nasdaq Composite slipped 0.15% to close at 11,247.58. 
The consumer price index rose 9.1% on a year-over-year basis in June, coming in even higher than May’s 8.6% reading, which was the biggest increase since 1981. Economists surveyed by Dow Jones had anticipated an 8.8% print. 
Core CPI, which excludes food and energy prices, came in at 5.9% and above the 5.7% estimate. 
Along with the inflation report, investors continued to monitor second-quarter earnings for clues into the health of U.S. companies. Delta Air Lines shares dropped about 4.5% after the company posted mixed results. 
Fears of a recession have climbed as inflation surges. Bank of America economists said Wednesday they are forecasting a mild recession later this year as real GDP growth declines and anticipate that the unemployment rate will jump to 4.6% in 2023. 
European stocks closed lower Wednesday as investors reacted to the latest inflation data from the United States.

 
The pan-European Stoxx 600 index provisionally closed down 0.9% with almost all sectors in negative territory following hotter-than-expected U.S. inflation data. The consumer price index, a broad measure of everyday goods and services, soared 9.1% in June from a year ago, and above the 8.8% Dow Jones estimate. 
Sinch closed 0.8% lower, paring sharp losses earlier in the session. It’s been a tough week for the Swedish cloud communications company, with the stock declining on Tuesday after it said its second-quarter profit would be hit after it reassessed the historical cost of goods sold. 
Source: CNBC, Investing.com