CPI Data Prevents a Bottom in Tech Stocks, Jim Cramer Says

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Stocks were falling in intraday trading, with the Nasdaq leading the decline, on Wednesday.

The consumer price index rose last month to 0.8% from a 0.6% gain in March. The core CPI, which strips out food and energy costs, rose 0.9% in April from March. It was the largest increase in the core measure since 1982.

On an annual basis, CPI surged to 4.2%, though comparisons are skewed by the pandemic in 2020. Economists had forecast consumer inflation to rise 3.6%.

And this, of course, fueled the ongoing concerns investors have around inflation. 

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