Stocks Tumbling Ahead of Inflation Report

The S&P 500 lost 0.7% as tech stocks stumbled, and ahead of Thursday's key report on consumer prices, which could give a hint as to whether the Fed will continue to raise interest rates to slow inflation.

Paramount Global (PARA) was one of the worst-performing stocks in the index, as shares slipped 4.5% after rival Sony (SONY) warned the strike by actors and writers will reduce current quarter revenue.

Meta Platforms (META) shares also shed 2% as the social media giant added new apps to its so-called “Twitter Killer” site, Threads, after losing about half of those who initially signed up when it was launched last month. Xylem (XYL) shares dipped 2% after short seller Ben Axler’s Spruce Point Capital Management indicated the stock could plunge as much as 30% to 45% long-term.

Leading gains, Axon Enterprise (AXON) shares jumped 14% after the maker of Taser and other law enforcement and military technology products reported better-than-expected results and lifted its outlook as sales of its cloud services business soared. Akamai Technologies (AKAM) shares followed, advanced 8% after the cybersecurity firm’s guidance exceeded analysts’ forecasts on increasing demand for its services as online hacking threats rise.

FleetCor Technologies (FLT) shares added 6% after the corporate payments services company beat earnings and revenue forecasts and raised its outlook on rising fuel card revenue. Shares of First Solar (FLSR) rose almost 4% as the solar power company announced it would build a fifth manufacturing plant in the U.S. 

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