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Bears knocked on Wall Street’s door again Friday, sending large-cap tech stocks lower despite the Fed’s favorite inflation measure meeting expectations. Both the S&P 500 and the Nasdaq 100 index are set to end a 5-week winning streak as investors grow more cautious about the latest economic developments. In April 2024, the Personal Consumption Expenditure (PCE) price index held steady at 2.
7% year-on-year, matching the previous month and forecasts. The annual core inflation rate also remained unchanged at 2.8%, in line with expectations.
However, concerns arose from a deceleration in personal spending and income, raising fears that strong consumer momentum is waning. Additionally, the Chicago PMI dropped to its lowest level since May 2020, increasing worries about an ongoing economic slowdown. The tech-heavy Nasdaq 100 fell 1.
5%, marking its third straight session of losses and its worst performance in a month. The S&P 500 was down 0.4%, the Russell 2000 edged 0.
1% lower, while blue-chip stocks in the Dow Jones rose 0.3%, reflecting a shift to high-quality defensive stocks. Treasury yields fell, boosting fixed-income assets, with the iShares 20+ Year Treasury Bond ETF TLT rising 0.
6%. Gold, tracked by the SPDR Gold Trust GLD , unexpectedly fell 0.5%, and Bitcoin BTC/USD dropped 1.
6%. Friday’s Performance In Major US Indices, ETFs Major Indices Price 1-day %chg Dow Jones 38,261.57 0.
4% Russell 2000 2,052.98 -0.1% S&P 500 5,212.
90 -0.4% Nasdaq 100 18.
