A measure of U.S. stocks fell on Thursday following a better-than-expected reading on U.S. Treasury yields, and the dollar rose. The Federal Reserve’s
A measure of U.S. stocks fell on Thursday following a better-than-expected reading on U.S. Treasury yields, and the dollar rose. The Federal Reserve’s interest rate reductions this year, both in terms of timing and magnitude, are under question due to recent inflation readings.
As hotter-than-expected U.S. data was released, the Dow Jones Industrial Average ended a three-day winning streak. While Nvidia shares were under pressure, inflation data caused Treasury yields to rise.
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At 38,905.66 index points at the close, the 30-stock Dow gave up 137.66 points, or 0.35 percent. The S&P 500 finished the session at 5,150 index points, down 0.29%, while the Nasdaq Composite tumbled 0.3 points to 16,128 index points.
The wholesale inflation indicator for February, the producer price index, increased by 0.6 percent in the previous month. With food and energy costs excluded, the core PPI increased by 0.3 percent in February.
The Dow Jones survey of economists predicted a gain of 0.3 percent for the headline PPI and a 0.2 percent increase for the core reading.
After the report, stocks were strong at first, but they started to decline soon after the opening. Bond yields increased in response to the strong inflation data; the benchmark 10-year Treasury saw an increase of roughly 10 basis points to 4.29 percent. Nvidia’s stock fell more than 3% for the fourth time in the previous five sessions.
Before the Federal Reserve’s next policy meeting, scheduled for March 19–20, the PPI report is the last significant piece of economic data to be released. Additional information revealed U. S. Retail sales increased by 0.6 percent last month, which was less than the 0.8 percent estimate. In addition, weekly initial jobless claims decreased to 209,000 from 218,000, which was the forecast.
On Thursday, investors purchased shares of Microsoft and Apple, two significant technology companies. The trading platform Robinhood surged by 5% following the company’s announcement of a 16 percent rise in assets under custody from January to February.
Fisker, a troubled electric vehicle startup, saw a nearly 52 percent decline after The Wall Street Journal revealed that it had hired restructuring advisors in anticipation of possibly filing for bankruptcy.
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