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Stocks drop on inflation data, head for worst week of year

Stocks drop on inflation data, head for worst week of year

CTV
Friday, February 24, 2023 6:04 PM GMT

Stocks are falling on Wall Street Friday as dispiriting evidence keeps piling up to show inflation isn't cooling as quickly as hoped.

Stocks are falling on Wall Street Friday as dispiriting evidence keeps piling up to show inflation isn't cooling as quickly as hoped.

The S&P 500 was 1.2% lower in midday trading and on track to make its third straight weekly loss its worst since early December. The Dow Jones Industrial Average was down 338 points, or 1%, at 32,815, as of 11:45 a.m. Eastern time, while the Nasdaq composite was 1.8% lower.

Stocks have dropped through February as a stream of reports have shown everything from inflation to the job market to spending by shoppers is staying hotter than expected. That's forced Wall Street to raise its forecasts for how high the Federal Reserve will have to take interest rates and then how long to keep them there.

Higher rates can drive down inflation, but they also raise the risk of a recession because they slow the economy. They likewise hurt prices for stocks and other investments.

The latest reminder came Friday after a report showed that the measure of inflation preferred by the Fed came in higher than expected. It said prices were 4.7% higher in January than a year earlier, after ignoring costs for food and energy because they can swing more quickly than others. That was an acceleration from December's inflation rate, showing the wrong momentum, and it was higher than economists' expectations for 4.3%.

It echoed other reports from earlier in the month that showed inflation at both the consumer and wholesale levels was higher than expected in January.

Other data Friday showed that consumer spending returned to growth in January, jumping 1.8% from December. That's pivotal because spending by consumers makes up the largest piece of the economy. A separate reading on sentiment among consumers came in slightly stronger than earlier thought, while sales of new homes improved a bit more than expected.

Read full story on CTV
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