U.S. stocks turned lower Friday afternoon, with the Dow Jones Industrial Average and S&P 500 in danger of posting a weekly loss, as investors assessed inflation readings and company earnings.How stocks are trading
The Dow Jones Industrial Average
DJIA
was down 117 points, or 0.3%, at nearly 38,655.
The S&P 500
SPX
fell 16 points, or 0.3%, to 5,013.
The Nasdaq Composite
COMP
fell almost 94 points, or 0.6%, to around 15,810.
For the week, the Dow was on pace to shed less than 0.1%, the S&P 500 was on track to fall 0.3% and the technology-heavy Nasdaq Composite was on course to shed 1.1%, according to FactSet data, at last check.
What’s driving markets U.S. stocks were trading mostly lower Friday afternoon, with the S&P 500 at risk of snapping five weeks of straight gains. The stock market has been resilient in the face of hotter-than-anticipated inflation readings this week because of “continued strong earnings” as companies roll out their fourth-quarter results, said David Waddell, chief executive and chief investment strategist at Waddell & Associates, in a phone interview Friday. Fourth-quarter earnings have come in “a lot better than expected,” he said. And although U.S. inflation in January, as measured by the consumer-price index and producer-price index, was stronger than Wall Street expected, he said “the trend is lower.” Data from the producer-price index showed wholesale prices rose 0.3% last month, according to a report Friday from the Bureau of Labor Statistics. That was the biggest increase in five months and surpassed economists’ expectations for a 0.1% uptick. Core wholesale pric …
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The Dow Jones Industrial Average
DJIA
was down 117 points, or 0.3%, at nearly 38,655.
The S&P 500
SPX
fell 16 points, or 0.3%, to 5,013.
The Nasdaq Composite
COMP
fell almost 94 points, or 0.6%, to around 15,810.
For the week, the Dow was on pace to shed less than 0.1%, the S&P 500 was on track to fall 0.3% and the technology-heavy Nasdaq Composite was on course to shed 1.1%, according to FactSet data, at last check.
What’s driving markets U.S. stocks were trading mostly lower Friday afternoon, with the S&P 500 at risk of snapping five weeks of straight gains. The stock market has been resilient in the face of hotter-than-anticipated inflation readings this week because of “continued strong earnings” as companies roll out their fourth-quarter results, said David Waddell, chief executive and chief investment strategist at Waddell & Associates, in a phone interview Friday. Fourth-quarter earnings have come in “a lot better than expected,” he said. And although U.S. inflation in January, as measured by the consumer-price index and producer-price index, was stronger than Wall Street expected, he said “the trend is lower.” Data from the producer-price index showed wholesale prices rose 0.3% last month, according to a report Friday from the Bureau of Labor Statistics. That was the biggest increase in five months and surpassed economists’ expectations for a 0.1% uptick. Core wholesale pric …nnDiscussion:nn” ai_name=”RocketNews AI: ” start_sentence=”Can I tell you more about this article?” text_input_placeholder=”Type ‘Yes'”]