From NASDAQ.:

U.S. stocks closed slightly lower as investors await key inflation data that could impact the timing of a Federal Reserve interest rate cut. The PCE price index is expected to show a 0.3% increase in January, leading to cautious market sentiment.

Recent data on consumer and producer prices indicate persistent inflation, causing market expectations for a Fed rate cut to be pushed back to June. The market is now focused on understanding the inflation trajectory and the Fed’s response, which could influence future policy decisions.

The U.S. economy grew solidly in Q4, driven by strong consumer spending, but early 2024 data suggests a slowdown. This week’s reports on jobless claims and manufacturing activity will provide further insight into the economy’s strength and the path of interest rates.

Stocks like UnitedHealth and Applied Materials faced declines, with the former facing an antitrust probe and the latter receiving a subpoena from the SEC. However, companies like Beyond Meat saw a significant surge based on strategic pricing and cost-cutting measures.

Cryptocurrency firms like Coinbase and Marathon Digital saw mixed performance, with bitcoin surging to nearly $64,000 before retracting gains. Market data showed a higher number of declining issues compared to advancers, with major indices recording new highs and lows.

The overall market sentiment is cautious as investors monitor key data releases and Fed policy decisions amid persistent inflation concerns. The impact of geopolitical events and economic indicators will continue to influence market movements in the coming days.



Read more at NASDAQ.: US STOCKS-Wall St slips with inflation data on deck