"Wall Street traders drove stocks lower amid a selloff in tech shares that have powered the surge from April's meltdown. That's despite economic data that did little to alter bets on Federal Reserve rate cuts, with bonds and the dollar seeing small moves. Equities fell after a rally that drove the S&P 500 to all-time highs. The market is bracing for what has historically been the weakest month for US shares."
"The so-called core personal consumption expenditures price index, which excludes food and energy items and is favored by the Federal Reserve, rose 0.3% from June. From the prior year, the gauge picked up to 2.9%, the most since February. The good news is, in-line expectations likely keep the status quo intact, which leaves a Fed rate cut in play for September, said Bret Kenwell at eToro. The bad news is, inflation is continuin"
Tech-heavy selling pulled US equities down after a rally that had pushed the S&P 500 to record highs. The Nasdaq 100 dropped 1.2% with Nvidia leading megacap declines, and Dell fell on tighter server margins. US consumer spending rose in July by the most in four months and personal spending was revised upward, supporting growth. The core PCE index rose 0.3% month-over-month and 2.9% year-over-year, the highest since February. Ten-year Treasury yields ticked up to 4.23% while the dollar wavered. Market participants weigh seasonal weakness, institutional rebalancing, and persistent inflation against a possible September Fed rate cut.
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