From Nasdaq:

U.S. stocks fell on Friday after a very warm producer prices report eroded hopes for imminent interest rate cuts by the Federal Reserve. A Labor Department report showed producer prices increased more than expected in January. Data could encourage the Fed to wait before cutting rates after five consecutive weeks of gains.

The data could encourage the Fed to wait before cutting rates. The inflation data this week feed fears inflation was picking up after months of cooling. Carol Schleif, Chief Investment Officer at BMO Family Office, commented, “The inflation data this week is definitely going to keep the Fed at least on pause until summer.”

Two Fed officials expressed caution while most megacap stocks dropped. The S&P 500 lost 24.18 points, or 0.49%, to end at 5,005.15 points, while the Nasdaq lost 132.38 points, or 0.83%, to 15,775.65, and the Dow Jones fell 149.48 points.

The S&P 500 closed above 5,000 for the fourth time this year thanks to robust corporate earnings and surging enthusiasm around artificial intelligence. Vulcan Materials gained 5.2% after forecasting a higher full-year profit, aiding a rise in the S&P 500 materials sector index.

There were 63 new 52-week highs and 3 new lows for the S&P 500, while 225 new highs and 66 new lows for the Nasdaq. On U.S. exchanges, 11.18 billion shares changed hands compared with the 11.65 billion moving average for the last 20 sessions.



Read more: US STOCKS-Wall Street slides as hot producer price data crimps rate cut bets