US mkts dips on inflation worries

CNBC'c Bertha Coombs - Inflation worries and stocks lower Tuesday with oil topping a USD 129/bbl and the latest reading of the Corporate PPI jumping an unexpected 0.4% in April that’s the biggest jump in 16 years. The Dow shed nearly 200 points, the S&P 500 was off 13 points and Nasdaq lost 24 points.

Financials were amongst the worst performers JP Morgan was among the biggest losers, CEO James Dimon talked to the shareholders at the banks annual meeting. The company’s acquisition of Bear Stearns remains risky and top proposition and the prospect of rising credit card defaults weight on Dow component American Express and its rival credit companies. Analyst are up on Oppenheimer credit card payments have certainly declined in the recent months. Another blue-chip Bellwether, Home Depot saw its share tumbling 5% after the Home improvement retailer reported first quarter earnings of 66% below a year ago. HD says that in some housing market conditions are getting actually worst.  

Wall Street concerns
Inflation worries with oil topping $129/bbl
April Core PPI nos jump an unexpected 0.4%

Wall Street action
Dow loses 200 pts, S&P 500 down 13 and Nasdaq sheds 24 pts
Financials are among the worst performers, JPMorgan is one of the biggest losers
Analysts at Oppenheimer say credit card payments have declined in recent months
Home Depot Q1 net income declines by 66%
HD says in some housing markets conditions are getting worse