Stock Market Overview
Thu, Apr 25th, 2024
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Stocks Lower on Tech Stocks Weakness and Stagflation Fears
Barchart - Thu Apr 25, 10:16AM CDT
The S&P 500 Index ($SPX) (SPY) is down -0.41%, the Dow Jones Industrials Index ($DOWI) (DIA) is down -0.86%, and the Nasdaq 100 Index ($IUXX) (QQQ) is down -0.6%.Â
US stock indexes are lower, led by weakness in technology stocks. Meta Platforms is down more than -10% after forecasting Q2 revenue below consensus and raising its full-year total expenses estimate. Also, IBM is down more than -8% after reporting lackluster Q1 revenue from its consulting division. In addition, Caterpillar is down more than -7% after saying it expects sales for Q2 to be lower compared to last year.Â
Losses in stocks accelerated after bond yields jumped on signs of persistent inflation and labor market strength when today’s US Q1 core PCE price index was revised higher and weekly jobless claims unexpectedly fell to a 2-month low, hawkish factors for Fed policy. Also, the larger-than-expected downward revision to US Q1 GDP and upward revision to the Q1 core price index have fueled fears of st... Read more
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