Inflation Concerns Weigh on S&P

The S&P 500 fell on Friday, with technology stocks under pressure as inflation concerns remain front and center ahead of the Federal Reserve’s policy meeting next week.

The Dow Jones Industrials dumped 151.94 points to pause for noon at 38,753.72.

The much-broader skidded 34.19 points to 5,116.29.

The NASDAQ slipped 158.13 points, or 1%, to 15,970.40.

Despite the moves downward, the Dow and S&P 500 are still tracking to end the week up around 0.5%, while the NASDAQ is on pace to add 0.3%. All three are also higher on the year.

Tech shares were broadly lower, with Apple and Microsoft down more than 1%. Shares of Amazon and Google-parent Alphabet also fell. Nvidia bucked the trend, however, climbing more than 1%. The chipmaker has whipsawed this week as traders worry about the stock’s valuation and book profits in the high-flying name.

Trading volumes will be elevated and prices may be volatile Friday as futures and options on stock indexes and individual stocks all expire simultaneously in a process known as “triple witching” that happens once a quarter.

Prices for the 10-year Treasury lost ground, boosting yields to 4.30% from Thursday’s 4.29%. Treasury prices and yields move in opposite directions.

Oil prices skidded 24 cents to $81.02 U.S. a barrel.

Gold prices sagged $3.30 to $2,164.20.

Source link

About The Author

Scroll to Top