US stocks pulled back on Friday as the latest economic data continued to reflect stubborn inflationary pressures in the US economy, clouding the Fed's rate outlook.
The S&P 500 and the Dow dropped 0.2% from record highs yesterday, while pressure for the heavyweight tech sector drove the Nasdaq down by 0.5%. Personal income and spending accelerated from the previous month to reflect a robust economy at the turn of the quarter, when President Trump toned down tariff threats. In the meantime, core PCE prices, the Fed's preferred gauge for underlying inflation, accelerated to 2.9% annually.
Nvidia fell 2% to extend losses since its earnings, as forecasts of softening demand consolidated concerns that bets on artificial intelligence companies were overdone. Similarly, Dell, Super Micro Computer, and Marvell plunged between 2% and16% down on pessimistic forecasts following their earnings results.
Still, the three main average were set to gain between 1.5% and 3% in the month of August.
Source : Trading Economics
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