On Friday, the S&P 500 experienced a decline as investors navigated through a turbulent week marked by fresh inflation data. The broad market index saw a 0.6% decrease, while the Dow Jones Industrial Average dropped by 30 points, or 0.1%, and the Nasdaq Composite slipped by 0.6%.
Key stocks like software provider Adobe and beauty company Ulta faced notable declines, with Adobe dropping 11% due to weak sales guidance and Ulta sliding more than 6% after its full-year earnings forecast fell short of analysts’ expectations.
This downward trend followed a day of losses on Wall Street, where the Dow saw a decrease of over 100 points, or approximately 0.4%, ending a three-day winning streak. The S&P 500 and Nasdaq also registered declines of around 0.3%.
The market retreat on Thursday was triggered by the unexpected advancement of February’s producer price index, a measure of wholesale inflation. Bond yields rose during the session, with the benchmark 10-year Treasury yield reaching 4.29%, prompting concerns among investors about the possibility of the Federal Reserve tightening monetary policy due to robust economic data.
Source (CNBC)
