Wall Street loses 470 billion dollars amid inflation concerns

Wall Street experienced a massive sell-off, erasing more than 470 billion dollars in market capitalization following the release of the latest Personal Consumption Expenditures (PCE) inflation index. The data, which is a key metric monitored by the Federal Reserve, showed core PCE inflation at 2.8 percent year-over-year and overall inflation at 2.7 percent, both exceeding forecasts.

This price shock comes shortly after the Federal Reserve decided to keep interest rates unchanged. The higher-than-expected inflation figures have revived fears that the Fed may delay interest rate cuts or implement new hikes in December. Alphabet (Google) was a significant contributor to the downturn, suffering a plunge of over 12 percent.

In the cryptocurrency market, Bitcoin has shown resilience, maintaining a level around 80,000 dollars despite the volatility in traditional financial markets.