- US stocks slid on Friday after key inflation data came in hotter than expected.
- Core PCE, the central bank's preferred inflation measure, rose 0.6% in January, higher than economists' estimates.
US stocks dipped on Friday as investors brace for a more hawkish Federal Reserve after key inflation data for January came in hotter than expected.
Core Personal Consumption Expenditure data, the central bank's preferred inflation measure, increased 0.6% from a month earlier, higher than economists' estimates and the most since June.
The S&P 500, Nasdaq Composite, and Dow Jones Industrial Average were all headed for a losing week after swinging between gains and losses over the past few trading sessions. The S&P 500 is on track for its worst week since mid-December.
Treasury yields jumped, with the two-year yield hitting 4.79%, its highest level since 2007. The 10-year yield rose eight basis points to 3.96%
"We've got an extremely difficult economy to read," Former Treasury Secretary Larry Summers said. "People may be reading a bit too much into the moment in terms of economic strength — relative to the way things could look very differently in a quarter or two."
Here's where US indexes stood at the 9:30 a.m. ET open on Friday:
- S&P 500>$4: 3,960.63, down 1.29%
- Dow Jones Industrial Average>$4:32,804.46, down 1.05% (349.45 points)
- Nasdaq Composite>$4: 11,402.02, down 1.63%
Here's what else happened today:
- $4 four troubling signs that indicate why the US economy may be inching closer to the cliff edge, he told Bloomberg.
- $4 reiterated his view that the central bank's tightening could crush the value of the entire stock market. "A bad Fed decision affects the lives of everyone," he tweeted.
- In $4 top economist David Rosenberg dashed hopes that the US economy can escape recession, adding that Wall Street is lying about a 'no landing' scenario.
- $4 how Putin's war in Ukraine transformed the oil and gas landscape.
In commodities, bonds and crypto: