US Stock Markets Today: Dow Jones Sinks Nearly 200 Points, Nasdaq Down 1%
The broader index, S&P 500, fell 0.5% to 5,844. The early trends indicate that the Wall Street could be recording its worst weekly performance since March 2023.
US stocks opened lower on Friday, with all three main indices declining, after a key inflation metric closely monitored by the Federal Reserve climbed higher in November.
The tech-heavy Nasdaq Composite dropped 1% to trade below 19,200. The Dow Jones Industrial Average lost nearly 200 points or as much as 0.5% to 42,150.
The broader index, S&P 500, fell 0.6% to 5,830. Six of the eleven sectoral indices advanced, led by gains in real estate, healthcare and energy stocks. Consumer discretionary and telecom saw notable declines.
The early trends indicate that the Wall Street could be headed towards its worst week since March 2023.
The US personal consumption expenditures or PCE price index accelerated to a 2.4% annual increase during the month, up from a reading of 2.3% in October, but below the 2.5% expected. Despite missing estimates, the data still offered more evidence backing the US central bank's more hawkish stance regarding rate cuts next year.
Among major companies, shares of Broadcom Inc., Amgen Inc. and Pfizer Inc. witnessed gains in early trade. On the other hand, Micron Technologies Inc., Tesla Inc., Walmart Inc. and Microsoft Corp. saw declines.
Among other asset classes, the yield on 10-year US Treasury bonds dropped six basis points to 4.51%.
The Dollar Index slid 0.3% to 108.08. The euro and British pound were up 0.4%. The Japanese yen gained 0.6%.
In the commodities market, spot gold rose 0.9% to $2,616.50 an ounce. Brent crude, the global oil benchmark, slipped for a second day to extend a weekly fall, as a strengthening US dollar pressured prices. It was trading near $72 per barrel.
Bitcoin continued to retract from its recent highs, as the world's largest traded cryptocurrency fell 1.3% to $96,037.2.
