Stocks Fall, Gold Rallies, Silver Hits 24-Year Highs As Inflation Rises: What’s Moving Markets Friday?
Investor sentiment faded on Friday as a key inflation gauge closely watched by the Federal Reserve climbed to a five-month-high, casting fresh uncertainty over the timing of potential interest rate cuts.
The core Personal Consumption Expenditures index — the Fed’s preferred inflation gauge — rose 2.9% year-over-year in July, in line with forecasts but still marking a five-month high. The timing unsettled markets, coming just a week after Fed Chair Jerome Powell signaled that the central bank may soon begin lowering interest rates.
By midday trading in New York, all major equity benchmarks were in negative territory, led by underperformance in tech and high-growth names. More speculative assets, including cryptocurrencies, saw steeper losses.
The Nasdaq 100 fell 1.3%, snapping a three-day winning streak. Nvidia Corp. (NASDAQ:NVDA) slid 3.4%, a sharper decline than Thursday’s modest 0.8% dip following a …
About The Author
