Stock Market Today: S&P 500 snaps 5-week win run as hotter inflation cools bulls
Investing.com — The S&P 500 closed on Friday, snapping a five-week winning streak as data this week showing inflation remains rein in investor bets on sooner rather later rate cuts.
The S&P 500 fell 0.5%, the tech-heavy Nasdaq Composite slipped 0.6%, and the blue-chip Dow Jones Industrial Average fell 0.4%, or 157 points.
Treasury yields jumped, with yields on the 2-year Treasury rising 8 basis points points to 4.652% as rate-cut bets were sullied after the U.S. producer price index by 0.3% in January from 0.1% in December, above economists expectations for a 0.1%.
The data arrived just days after consumer inflation surprise to the upside to further muddying investor bets on aggressive rate cuts.
The stronger PPI report was driven by a 0.5% rise in trade services, which includes gross wholesale and retail margins and accounting for nearly a quarter of the core, Pantheon Macroeconomics said, though added the overall trend is slowing.
«One disappointing month does not change the trend, and none of the inflation fundamentals have changed,» it added.
Coinbase Global Inc (NASDAQ:COIN) rose rose more than 8% after posting fourth-quarter income that topped Wall Street estimates, as the approval of spot-Bitcoin exchange-traded funds boosted activity on the crypto exchange platform.
DoorDash Inc (NASDAQ:DASH) fell more than 9% as softer guidance overshadowed better-than-expected adjusted earnings before interest, taxes, depreciation, and amortization, or EBITDA, and revenue in Q4.
The food delivery company's Q1 guidance points «toward deceleration versus an accelerative outlook for Uber (NYSE:UBER) Eats raising share loss concerns,» Deutsche Bank said in a note, but stressed that it views «weakness today as a buying
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