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Stocks Higher After Hot Inflation Data
(MENAFN- Baystreet)
Stocks Flat Following Inflation Data S&P Futures Tick Higher Ahead of Inflation Data S&P, Dow Continue to be Hot Thursday Stocks Recover from Early-Week Selloff Wall Street Tries to Regain Momentum Subscribe to Get Small Cap News & Alerts Glenn Wilkins - Friday, February 16, 2024 Stocks Higher After Hot Inflation Data Advertisment
Stocks declined Friday after yet another hot inflation report stoked fears that Federal Reserve rate cuts may not arrive until later than anticipated this year.
The Dow Jones Industrials eased 100.25 points to open Friday at 38,672.87.
The much-broader index backed off 17.32 points to 5,012.41.
The NASDAQ index surrendered 109.06 points to 15,797.11.
Bank of America and other financial shares led the losses Friday, on fears rates would remain higher for longer this year, weighing on consumers' finances and the overall economy. Bank of America and Capital One Financial were each down about 1% in early trading.
However, A.I. darling Nvidia remained higher Friday as it got another uber-bullish call from a Wall Street analyst, with Loop Capital saying it was set to eventually top $1,200.
Shares of food delivery service DoorDash dropped 11% on a wider-than-expected loss, while digital advertising company Trade Desk popped about 23% after topping analysts' fourth-quarter revenue estimates and offering an upbeat outlook for the first quarter.
The producer price index for January, a measure of wholesale inflation, increased 0.3%. Economists polled by Dow Jones had anticipated a gain of 0.1%. Excluding food and energy, core PPI rose increased 0.5%, higher than the expectations for a 0.1% advance.
Prices for the 10-year Treasury dropped, raising yields to 4.30% from Thursday's 4.24%. Treasury prices and yields move in opposite directions.
Oil prices added 46 cents to $78.49 U.S. a barrel.
Gold prices removed $1.30 to $2,013.60.
Stocks declined Friday after yet another hot inflation report stoked fears that Federal Reserve rate cuts may not arrive until later than anticipated this year.
The Dow Jones Industrials eased 100.25 points to open Friday at 38,672.87.
The much-broader index backed off 17.32 points to 5,012.41.
The NASDAQ index surrendered 109.06 points to 15,797.11.
Bank of America and other financial shares led the losses Friday, on fears rates would remain higher for longer this year, weighing on consumers' finances and the overall economy. Bank of America and Capital One Financial were each down about 1% in early trading.
However, A.I. darling Nvidia remained higher Friday as it got another uber-bullish call from a Wall Street analyst, with Loop Capital saying it was set to eventually top $1,200.
Shares of food delivery service DoorDash dropped 11% on a wider-than-expected loss, while digital advertising company Trade Desk popped about 23% after topping analysts' fourth-quarter revenue estimates and offering an upbeat outlook for the first quarter.
The producer price index for January, a measure of wholesale inflation, increased 0.3%. Economists polled by Dow Jones had anticipated a gain of 0.1%. Excluding food and energy, core PPI rose increased 0.5%, higher than the expectations for a 0.1% advance.
Prices for the 10-year Treasury dropped, raising yields to 4.30% from Thursday's 4.24%. Treasury prices and yields move in opposite directions.
Oil prices added 46 cents to $78.49 U.S. a barrel.
Gold prices removed $1.30 to $2,013.60.
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