Wall Street stocks end lower after inflation data, tech stocks push Nasdaq down
By Saeed Azhar, Johann M Cherian and Purvi Agarwal
Wed November 27, 2024 4:25 PM
The Dow opened some 150 points up and stayed in the black until about noon when it slid into the red for the rest of the session. Tech fared poorly with both indexes well into the red all day. Uncertainty continues to plague the market, particularly uncertainty over inflation as the PCE increased solidly in October, a sign that the economy remains too robust and that the war against inflation has stalled. This of course adds to the more important uncertainty over the future of rate cuts.
The market is currently betting on a ¼ point cut in December but with no further cuts through March. And there continues to be much parsing and debate over the potential coming tariffs whether they will do harm or good. A big slump in both Dell and HP contributed to today’s slide in tech, the entire sector dropping 1.2%. This spread to the chip index which fell 1.8%. Volume at 11.4 billion has reversed the week’s trend of above average trading, coming in well below the 4-week average of 14.9 billion.
DJ: 44,860.31 +123.74 NAS: 19,175.58
+120.74 S&P: 6,021.63
+34.26 11/26
DJ: 44,722.06 -138.25 NAS: 19,060.48 -115.10 S&P: 5,998.74 -22.89 11/27
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