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Stocks slid Friday, after yet another hot inflation report stoked fears that Federal Reserve rate cuts may not arrive until later than anticipated this year.
The Dow Jones Industrials faltered 145.13 points to conclude Friday at 38,627.99.
The S&P 50 backed off 24.16 points to 5,005.57.
The NASDAQ index surrendered 130.52 points to 15,775.65.
This week’s whiplash action put Wall Street in danger of snapping a five-week winning streak. The S&P 500 is now down 0.2% for the week, while the Dow is hovering around the flatline. The NASDAQ was poised to slide 0.6%.
A.I. darling Nvidia remained higher Friday as it got another uber-bullish call from a Wall Street analyst, with Loop Capital saying it was set to eventually top $1,200. Applied Materials popped 8% on stronger-than-expected earnings.
Shares of food delivery service DoorDash dropped 9% on a wider-than-expected loss, while digital advertising company Trade Desk popped about 19% after topping analysts’ fourth-quarter revenue estimates and offering an upbeat outlook for the first quarter.
The producer price index for January, a measure of wholesale inflation, increased 0.3%. Economists polled by Dow Jones had anticipated a gain of 0.1%. Excluding food and energy, core PPI rose increased 0.5%, higher than the expectations for a 0.1% advance.
Prices for the 10-year Treasury dropped, raising yields to 4.29% from Thursday’s 4.24%. Treasury prices and yields move in opposite directions.
Oil prices added $1.18 to $79.21 U.S. a barrel.
Gold prices recovered $9.40 to $2,024.30.
