SPY Down As Consumer Price Index Soars to 8.6%

The stock of SPDR S&P 500 ETF Trust (NYSE: SPY) is currently trading at -17.31% off of its 52 week high.

• The Consumer Price Index (CPI) increased 1% M/M in May on a seasonally adjusted basis versus the consensus of 0.7%. In April it rose 0.3%.
• Over the last 12 months, CPI increased 8.6% before adjustment, versus the consensus of 8.2%. This is the most significant 12-month increase since the period ending December 1981.
• Core CPI rose 0.6% in May versus a consensus of 0.5%.
• Over the last 12 months, Core CPI increased 6% above the consensus of 5.8%.

SPY stock dropped from $-9.78 (-2.38%) to $401.44 yesterday and we could see this continue to fall today as investor sentiment remains negative.