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Traders work on the floor of the New York Stock Exchange (NYSE) on March 5, 2024 in New York City, USA.
Brendan McDiarmid | Reuters
Stocks fell on Monday as the bull market that had driven major averages to record highs subsided. Investors were also keeping an eye on the latest US inflation figures.
of Dow Jones Industrial Average Lost 66 points (0.2%).of S&P500 and Nasdaq Composite Each fell 0.3%.
information technology stocks super microcomputer Chipmakers fell more than 5%. Nvidia Volatile trading continued on this day, with stocks fluctuating between profits and losses. Both moves come as investors question whether artificial intelligence stocks have further upside after a monster rally.
meta Facebook’s parent company also struggled, dropping more than 3%.Other than high-tech stocks and pharmaceutical stocks Eli Lilly It fell nearly 4%.
These losses came as traders prepared for February’s Consumer Price Index to be released on Tuesday. Economists polled by Dow Jones expect the CPI to rise 0.4% in January-February, or an annualized 3.1%. The so-called core basket, which excludes volatile food and energy prices, is expected to rise 0.3% month-on-month and 3.7% annually.
This comes ahead of a producer-focused index scheduled for later this week. The pair is one of the last major economic reports expected before the Federal Reserve convenes for its March policy meeting.
“Ultimately, the market is probably still too optimistic about whether the Fed will be able to cut rates significantly in 2024,” said Lara Reim, chief U.S. economist at FS Investments. “I think February’s inflation numbers will be another reminder that the Fed needs to tread carefully.”
Monday’s move follows a week of declines in major averages, with the S&P 500 and Nasdaq hitting record highs. Notably, the Dow Jones Industrial Average (30 stocks) posted its worst weekly performance since October.
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