From Nasdaq:

U.S. stocks fell on Friday after a report showed producer prices rose more than expected in January, raising concerns of rising inflation and reduced hopes for Federal Reserve interest rate cuts. The S&P 500 fell 0.49% to 5,005.15 points, the Nasdaq declined 0.83% to 15,775.65, and the Dow Jones dropped 0.39% to 38,623.64 points.

Fed officials Raphael Bostic and Mary Daly expressed caution on rate cuts, with Bostic signaling openness to lowering rates within a few months. This news follows a slump in retail sales on Thursday, increasing speculation about potential rate reductions later in the year.

Various megacap stocks fell on Friday, notably Meta Platforms dragged down the S&P 500’s communication services index. However, the S&P 500 closed above 5,000 points for the fourth time this year driven by robust corporate earnings and AI enthusiasm.

Applied Materials posted strong results and jumped on a positive revenue forecast, while Vulcan Materials also saw gains after projecting higher full-year profits. On the other hand, Roku dropped on a negative first-quarter outlook, and DoorDash fell after forecasting lower-than-expected profitability metrics due to increased labor costs.



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