US stocks tumble amid mounting inflation concerns

By Aysu Bicer

ANKARA (AA) - US stocks tumbled at the closing bell Friday as worries about inflation mount amid the Russia-Ukraine war.

Annual inflation in the US hit 8.6% in May, the highest since December 1981, official data showed.

The figure was above market forecasts of 8.3%.

"Although it is good to see that the critical core inflation has moderated, it does not show a sharp and rapid decline as we should see," US President Biden said, citing that the latest inflation report shows why the fight against inflation is his top economic priority.

The S&P 500 fell 2.9%, giving the index its second-worst week of 2022.

The Nasdaq was off 3.6% and the Dow plummeted 2.7%

The MSCI World index fell 2.8%.

The yield on 10-year Treasuries gained 11 basis points to 3.15%.

Global oil benchmark Brent crude was trading at $121.61, down 1.1%, while West Texas Intermediate crude fell 0.7% to $120.61 a barrel

Gold futures rose 1.3% to $1,876.50. Silver was up 0.2% to $21.9 per ounce.