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%...
US stocks fell in the afternoon trading as investors took profits following a strong week that saw the S&P 500 reach record highs, amid signs that inflationary pressures remain persistent in the US economy. The S&P 500 lost 0.8%, the Nasdaq 100 declined 1.4%, and the Dow slipped 0.4%. Technology shares leading the retreat, with Nvidia dropping 3.8% as cautious guidance on China sales weighed on sentiment, while Dell slumped 8.6% after disappointing forecasts. Inflation remained in focus as the Fed's preferred gauge, the core PCE index, rose 2.9% year-on-year in July, the highest...
Asia-Pacific markets traded mixed Monday as investors assess China's RatingDog manufacturing data for August. The metric - which was previously known as the Caixin Purchasing Managers' Index - came in at 50.5, compared to a contraction of 49.5 the month before. Data released Sunday showed that the country's manufacturing PMI data came in at 49.4 in August, compared to 49.3 the month before. Investors are also assessing the developments in India and China relations, after leaders from both countries agreed that they are development partners, not rivals during a two-day meeting of the...