Stock Market News: Dow Slides After PCE Data
Stocks closed out the first half of 2024 by pulling back, but the S&P 500 and Nasdaq Composite were still hovering around record levels.
The Dow Jones Industrial Average was down 41 points, or 0.1%. The S&P 500 was down 0.4%. The Nasdaq Composite was down 0.7%. Both the S&P 500 and Nasdaq were within striking distance of their highest closes on record, and even traded above those levels earlier in the day.
The Dow rose 3.8% in the first half of the year. The S&P 500 rose 14.5%. The Nasdaq Composite rose 18%.
The yield on the 2-year Treasury note rose slightly to 4.72%. The 10-year yield was up to 4.342%.
Trading was choppy all day Friday, as markets reacted to the latest signs of cooling inflation, as well as last night’s disastrous presidential debate for President Joe Biden. The energy and financials sectors were rallying on hopes of another Donald Trump presidency, but such gains faded with most of the market as the day unfolded.
With speculation swirling as to whether Biden will continue on his path to being the Democratic Party’s nominee, markets may finally start paying attention to road to election day.