On Friday, the S&P 500 experienced a decline and marked its second consecutive weekly loss, with technology stocks facing pressure amid ongoing inflation concerns ahead of the Federal Reserve’s upcoming policy meeting.
The S&P 500 closed at 5,117.09, dropping by 0.65%. The Dow Jones Industrial Average also decreased by 190.89 points or 0.49% to end at 38,714.77, while the Nasdaq Composite slipped by 0.96% to 15,973.17.
In terms of weekly performance, the S&P 500 recorded a loss of 0.13%, the Dow slightly decreased by 0.02%, and the Nasdaq slipped by 0.7%.
Technology shares witnessed a decline, with Amazon and Microsoft both dropping by over 2%. Apple and Google-parent Alphabet also experienced decreases. Chip giant Nvidia fluctuated throughout the week as concerns about the stock’s valuation emerged, closing slightly lower on Friday but registering a 0.4% gain for the week.
Investors remain cautious following the release of various economic data earlier in the week. February’s producer price index, a measure of wholesale inflation, exceeded economists’ expectations.
This data led to a 22 basis point increase in the benchmark 10-year Treasury yield as market participants questioned whether the recent economic indicators were robust enough to warrant the Federal Reserve’s monetary policy adjustments. The Fed is scheduled to commence its two-day policy meeting on March 19th.
Source (CNBC)
