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Wall Street stocks fell early Friday as investors braced for additional tariffs by US President Donald Trump next week. At the same time, a crucial indicator of underlying inflation came in hotter than anticipated.
Ten minutes into trading, the broad-based S&P 500 Index fell to 5,684.32, while the Dow Jones Industrial Average fell 0.2 per cent to 42,233.99.
At 17,741.72, the technology-focused Nasdaq Composite Index took a 0.4 per cent loss.
Christopher Low of FHN Financial stated that economic data caused the market to react early on Friday.
Last month’s price increase of 0.4 per cent over January was more than anticipated for the personal consumption expenditures (PCE) price index, which does not include volatile food and energy expenses.
The PCE price index, a preferred inflation indicator of the Federal Reserve, increased 2.8% over the previous year. This was little more than analysts had also predicted.
Low of FHN Financial stated that consumer spending was “quite weak” as a result of the January weather.
The importance of consumers in propelling the US economy is shown by the fact that these consumer expenditure figures are among the first to “reflect when Trump was in office,” he said.
“If confidence is rattled, if consumers are nervous, that potentially has a big impact,” he added.
Investors are also keeping a watch on Trump’s promised reciprocal tariffs, which are expected to be implemented on April 2 and target partners and nations with trade deficits with the largest economy in the world.
