This morning, the stock market is experiencing a downturn, prompted by higher-than-expected core inflation rates. February's core inflation rate reached 2.8%, which worried traders as it marked a significant rise since early 2024. Major indices, including the Dow Jones and Nasdaq Composite, are all experiencing declines, particularly influenced by the performance of the Magnificent Seven tech stocks. Notably, AppLovin has bounced back from prior losses, while PDD Holdings is pressured by profit-takers and downgrades from analysts.
"The markets are off to a wobbly start on Friday morning, with all three of the major stock market averages coming out of the gate lower."
"February's core inflation rate came in at 2.8%, loftier than economists had predicted, amid a monthly increase of 0.4% in personal consumption expenses."
"The Nasdaq Composite is being dragged lower by declines in each of the Magnificent Seven stocks this morning."
"AppLovin is recouping some of yesterday's declines as it goes on offense, reportedly hiring lawyers to probe accusations from short sellers."
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