Stocks pulled back from recent record highs as the S&P 500 fell 0.5%, the Dow shed about 0.3%, and the Nasdaq dropped 0.9%. Technology sector losses offset gains in health care and other areas. Dell Technologies plunged 9.7% after noting margin pressures and weak PC revenue, while Nvidia, Broadcom and Oracle also declined. The Commerce Department reported a 2.6% year-over-year rise in the PCE Price Index for July, with core PCE up 2.9%, the highest since February. Hiring has slowed sharply, and the Fed signaled potential policy easing amid labor-market weakness.
Stocks are losing ground on Wall Street in early trading Friday, pulling the market down from its latest all-time highs, after a closely watched measure of inflation showed prices mostly held steady last month. The S&P 500 fell 0.5% a day after climbing to a record high. The benchmark index is set to end August about 2%, which would be its fourth straight month of gains.
The Commerce Department said prices rose 2.6% in July compared with a year ago, as measured by the personal consumption expenditures index. That's the same annual increase as in June and in line with what economists expected. Still, excluding the volatile food and energy categories, prices rose 2.9% last month from a year earlier, up from 2.8% in June and the highest since February.
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