Stocks on Wall Street fell on Friday, capping off a week that saw a mix of gains and losses as investors grappled with stubborn inflation concerns. The S&P 500 dropped 0.4%, while the Dow Jones Industrial Average slipped 0.1% and the Nasdaq composite fell 0.6%.
The tech sector took a hit, with software maker Adobe plummeting 13.9% after issuing a weak revenue forecast. Consumer sentiment also unexpectedly fell in March, according to a report from the University of Michigan, signaling a slight decrease in optimism about the economy.
Inflation remains a key focus for investors, with hopes that the Federal Reserve will begin cutting interest rates to combat rising prices. Recent reports have shown that inflation remains elevated, with consumer prices ticking up to 3.2% in February.
Despite some softening in the economy, traders are still anticipating a rate cut from the Fed in June. The central bank is expected to provide updated forecasts for interest rates at its upcoming policy meeting.
Bond yields edged higher, with the yield on the 10-year Treasury rising to 4.31%. Markets in Europe mostly gained ground, while Asian markets slipped.
Overall, the week was marked by uncertainty and volatility as investors continue to monitor inflation and its impact on the economy. Stay tuned for more updates on Wall Street’s reaction to the latest economic data.
