US stocks continue to fall after inflation data, Dow Jones drops nearly 700 points

The main US stock benchmarks fell on Tuesday, weighed down by the 10-year US Treasury bond yields rally following the release of inflation data.

The US Department of the Treasury revealed today that the budget deficit reached $225.5 billion last month, to a total of $1.9 trillion during the first 7 months of the fiscal year.

Data showed that the US consumer price index rose 0.8% in April, beating forecasts of a rise by 0.2%, and the core reading for the same index (excluding energy and food prices) rose by 0.9% in April, higher than forecasts of 0.3%.

The US Treasury yields rose above 1.671% today, which weighs down on stocks and commodity currencies.

To the oil market, WTI crude June futures rose 1.2% or 80 cents, and closed at $66.08 a barrel, with a day high of $66.6 and a low of $64.9.

Brent June futures rose 1.1% or 77 cents, and closed at $69.32 a barrel, after hitting a day high of $69.9 and a low of $68.1.

As for stocks, Dow Jones fell 1.9% or 681 points, and closed at 33,587, with a day high of 34,207, and a low of 33,555.

Nasdaq fell 2.6% or 357 points to 13,031, with a high of 13,288 and a low of 13,002.

S&P 500 fell 2.1% or 89 points to 4,063, after hitting a high of 4,134 and a low of 4,056.