Long Islanders have mixed reaction to sky high inflation
Wall Street appears headed for another rocky day after the Dow Jones Industrial had its worst day since 2020.
Disappointing earnings from large retailers are raising investors' fears of a recession.
The Dow is trying to stabilize after Wednesday, when it experienced its biggest one day drop since 2020.
Retailers like Target have been amongst the biggest decliners in the stock market.
On Wednesday, the retail giant specifically lost a quarter of its value when earnings fell short of analysts forecasts.
Financial advisor Mitchell Goldberg says it's because companies are getting squeezed from two different places and don't want to raise prices.
“First the consumer is getting squeezed hard by inflation so they are making choices as to what they have to cut back on. That's called demand destruction. Companies also getting hit by suffering from their own higher costs," says Goldberg.
Is what's going on at Wall Street happening on our Main Streets?
Huntington's Main Street Board Game Cafe said they've seen costs of some goods go up, and so have prices as a result.
Luxe Blow Dry Bar has seen prices on inventory rise but have been able to avoid increasing prices, although that may soon change.
So how are Long Islanders feeling?
“Well let's just put it this way. I tuned up my bicycle to get from point A to point B these days," says Mike Bode, of Huntington.
Goldberg tells News 12 we might be in a recession right now and we might not know for some time. Goldberg’s advice is to worry about your own personal finances and budget to help yourself get to the other side of high inflation.