S&P Falls on Inflation Concerns

The S&P 500 fell on Friday as investors tried to wrap up a volatile week after a string of fresh inflation data.

The Dow Jones Industrial dumped 127.53 points to commence the week’s last session at 38,778.13.

The much-broader index skidded 34.38 points to 5,116.10.

The NASDAQ slipped 156.08 points, or 1%, to 15,973.66.

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.

High-flying tech darling Nvidia dipped more than 1%. The decline put the stock down 0.7% for the week. That would mark its first weekly decline in 10 weeks.

Software provider Adobe dropped 13% on weak sales guidance. Beauty stock Ulta slid more than 6% after its full-year earnings forecast largely underwhelmed analysts.

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 4.31% from Thursday’s 4.29%. Treasury prices and yields move in opposite directions.

Oil prices skidded 72 cents to $80.54 U.S. a barrel.

Gold prices sagged $3.50 to $2,164.00.

Source link

About The Author

Scroll to Top