From Nasdaq:

Wall Street’s main indexes dropped as hotter-than-expected producer prices clouded rate cut predictions. AI giant Nvidia fell 3.6% while 8 of 11 S&P 500 sectors declined, with real estate leading losses. The Producer Price Index surged 0.6% in February, pushing the 12-month growth to 1.6%. Retail sales rose 0.6%, below the expected 0.8% increase.

Traders now see a 62% chance of a Fed rate cut in June. Unemployment claims dropped to 209,000 versus an estimated 218,000. Economic data sets the stage for Fed’s policy meeting next week. Tesla tumbled 3.7% after UBS cuts price target, while Robinhood’s assets surged 6.5% in February.

Aerospace company RTX climbed 1.6% after rating upgrade. Declines outnumbered advancers on both NYSE and Nasdaq. S&P index saw 38 new highs, Nasdaq 47 new highs. The market awaits clues on rate-easing cycle at the upcoming Fed meeting.



Read more at Nasdaq: US STOCKS-Wall St dips as traders assess hot inflation data; chip stocks weigh