Stock market today: Dow, S&P 500, Nasdaq retreat from records after PCE inflation data

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The tech-heavy Nasdaq Composite (^IXIC) led the retreat, down 0.4%.A key Fed-watched measure of inflation rose as expected in July, new government data showed Friday. The "core" Personal Consumption Expenditures index, closely studied by the central bank, rose 0.3% on a monthly basis and 2.9% on an annual basis. Both numbers matched economist expectations.The Fed-favored data comes after signs of a resilient economy helped lift the S&P 500 (^GSPC) and Dow Jones Industrial Average (^DJI) to new all-time highs on Thursday.Bets that the Fed will ease at its September meeting have risen since Chair Jerome Powell opened the door at Jackson Hole, with traders now pricing in an 85% chance of a quarter-point cut. On Thursday, Governor Christopher Waller said he "fully expects" more easing to follow in coming months amid cracks in the labor market.The inflation data caps a whirlwind week for markets gripped by Nvidia (NVDA) earnings and President Trump's effort to oust its governor Lisa Cook, which took a new turn. On Friday, a judge is expected to rule on a bid from Cook for a temporary restraining order.But Wall Street stocks are still on track for small weekly wins, with more solid monthly gains in sight as they hold their ground in record territory. The S&P 500 eyed a 1.9% gain for August after crossing 6,500 for the first time, while the Dow was poised for a rise of about 2.1%. Meanwhile, the Nasdaq Composite (^IXIC) is looking at a 2.5% bump for the month.Markets are closed Monday for the Labor Day holiday.LIVE 13 updates10 mins agoLaura BrattonNasdaq set for 5 month winning streak, longest since March 2024The three major gauges were set for another month of gains despite a pullback Friday.The tech-heavy Nasdaq Composite (^IXIC) was set to see a 2% gain in August, marking its fifth straight month of gains, the longest winning streak in a year and a half — showing that even a short-lived tech selloff this month, concerns over an AI bubble, and a tepid response to Nvidia's (NVDA) earnings haven't hampered markets' record breaking rallies. The Nasdaq's last five month streak ended in March 2024.Meanwhile, the S&P 500 (^GSPC) and the Dow (^DJI) were set for their fourth month of gains, on track to add 1.6% and 2%, respectively — the longest since September 2024.The Russell 2000 (^RUT), which includes small market capitalization US companies, was also set for a fourth straight month of gains, the longest streak since June 2021. The index eyed a 6% gain for August.29 mins agoLaura BrattonStocks retreat from record highs at the opnUS stocks pulled back from record highs on Friday as Wall Street digested the latest reading of the Federal Reserve's preferred inflation gauge, which showed prices rising above the central bank's 2% inflation target but in line with economists' expectations.The Dow Jones Industrial Average (^DJI) dipped 0.15%, and the S&P 500 (^GSPC) fell about 0.2%. The tech-heavy Nasdaq Composite (^IXIC) led the retreat, down 0.4%.But Wall Street stocks are still on track solid monthly gains as they hold their ground in record territory. The S&P 500 eyed a 1.9% gain for August after crossing 6,500 for the first time, while the Dow was set to rise 2.1%. The Nasdaq Composite is on track to notch a 2.5% bump.59 mins agoGrace O'DonnellCelsius stock spikes after PepsiCo boosts stake in the energy drink companyPepsiCo Inc. (PEP) is increasing its stake in Celsius Holdings Inc. (CELH) to 11% from 5% previously, the companies announced on Friday.As part of the $585 million deal, Celsius will acquire PepsiCo's Rockstar brand in the US and Canada (Pepsi will still retain the business internationally). Celsius also recently acquired another energy drink brand, Alani Nu, which will move to Pepsi's distribution network.Celsius stock popped 6.7% in premarket trading while Pepsi shares were little changed.Today at 12:43 PM UTCGrace O'DonnellFed's preferred inflation gauge ticks up in July, in line with estimatesThe latest reading of the Federal Reserve's preferred inflation gauge showed price increases ticked higher in July but have not seen the full impact of President Trump's tariffs yet.The "core" Personal Consumption Expenditures (PCE) index, which excludes food and energy costs and is closely watched by the central bank, rose 0.3% from the prior month, in line with economists' expectations.Core prices rose 2.9% in July on an annual basis, above the Fed's 2% inflation target and in line with economists' estimates.Following the release, markets were pricing in an 85% chance the Fed will cut rates at its September meeting, up from a 63% chance a month ago, per the CME FedWatch Tool.Today at 12:25 PM UTCGrace O'DonnellCaterpillar stock sinks as tariff costs balloon, NorwayAn additional tariff warning and clash with Norway pushed Caterpillar (CAT) shares nearly 3% lower on Friday morning.On Thursday, the construction machinery maker stated it expects to see a greater hit from tariffs this year than previously thought. The company said it anticipates a tariff hit of $1.5 billion to $1.8 billion this year, above its prior forecast of up to $1.5 billion, which the company issued with its earnings release on Aug. 5.It expects tariff costs of $600 million for the third quarter, up from a prior forecast of up to $500 million.Caterpillar stock is also under pressure after Norway's $2 trillion sovereign wealth fund, the world's largest, said on Monday it sold all its shares in the company. The fund's Council on Ethics flagged the company's supply of bulldozers in Israel that are used in the occupation of Gaza and the West Bank.Norway's prime minister tried to defuse the controversy after Trump ally Sen. Lindsey Graham called the decision "offensive" and suggested that the US should impose additional tariffs on Norway.Today at 12:03 PM UTCGrace O'DonnellPackages under $800 have been able to avoid tariffs for years. Not anymore.Yahoo Finance's Emma Ockerman reports:Read more here.Today at 11:40 AM UTCKaren FriarNvidia's Big Tech clientele looks like a vulnerability, but acts like a chokeholdWhat looks like a client bottleneck is actually an industry chokehold, according to Yahoo Finance's Hamza Shaban.He reports in today's Morning Brief:Read more here.Today at 11:13 AM UTCJenny McCallGood morning. Here's what's happening today.Today at 10:35 AM UTCJenny McCallPremarket trending tickers: Dell, Affirm and AlibabaHere's a look at some of the top stocks trending in premarket trading:Dell Technologies (DELL) stock fell 6% in premarket trading as a as a gloomy quarterly profit forecast and weaker-than-expected second-quarter margin rate overshadowed upbeat full-year estimates.Affirm (AFRM) shares soared 15% before the bell after the company turned a profit in its fourth quarter fiscal earnings and exceeded both earnings and revenue estimates.Alibaba (BABA) stock rose more than 2% before the bell on Friday after reporting a surge in revenue from China’s AI boom, helping offset a surprise drop in profit tied to a worsening battle with Meituan (3690.HK, MPNGY) and JD.com Inc. (JD) in internet commerce.Today at 9:28 AM UTCKaren FriarMarvell shares slump as data center outlook stokes AI chip worriesMarvell Technology (MRVL) stock tumbled almost 13% in Friday's premarket trading after the chipmaker's forecast for data-center-related demand fell short of high expectations.Wall Street has been betting that cloud giants such as Microsoft (MSFT) and Amazon (AMZN) would clamor for chips customized for AI workloads.Reuters reports:Read more here.Today at 9:13 AM UTCKaren FriarFed's Waller backs September rate cut, expects more in next 3-6 monthsChristopher Waller has signaled he wants the Federal Reserve to start lower interest rates with a quarter-point cut in September, with more easing to follow in the months after.The Fed governor stepped up his call to reduce short-term borrowing costs as President Trump ramps up pressure on the central bank in a push for rate cuts. Waller is said to be under consideration by Trump to replace Jerome Powell when the Fed chair likely steps down next year.Reuters reports:Read more here.Today at 8:41 AM UTCKaren FriarChina's $1.3 trillion stock surge raises questions about staying powerChinese stocks capped another strong week of gains, intensifying a debate over the fate of a rally that’s defied the nation’s economic troubles to add $1.3 trillion in market value just this month.Bloomberg reports:Read more here.Today at 1:55 AM UTCRian HowlettGold pushes back towards record highs in second weekly gain.Gold (GC=F) has seen consecutive weeks of gains to push back towards records set in April. Fears around the Fed's independence and the upcoming inflationary report have made the precious metal an attractive prospect to investors seeking stability.Bloomberg reports:Read more here.Condizioni e Informativa sulla privacyPrivacy & Cookie SettingsMore InfoS&P 5006,453.32 -48.54 (-0.75%)Dow 3045,404.82 -232.08 (-0.51%)Nasdaq21,453.86 -251.29 (-1.16%)Russell 20002,377.61 -0.80 (-0.03%)VIX15.00 +0.57 (+3.95%)Gold3,489.10 +14.80 (+0.43%)PortafoglioEffettua l'accesso per consultare il tuo portafoglioAccediMaggiori rialziAMBA Ambarella, Inc. 84.58 +13.94 (+19.74%)IREN IREN Limited 26.94 +3.90 (+16.93%)AFRM Affirm Holdings, Inc. 92.32 +12.33 (+15.41%)BABA Alibaba Group Holding Limited 131.66 +12.09 (+10.11%)ADSK Autodesk, Inc. 311.75 +23.26 (+8.06%)Maggiori ribassiMRVL Marvell Technology, Inc. 64.65 -12.58 (-16.29%)CHA Chagee Holdings Limited 19.41 -2.59 (-11.77%)ARX Accelerant Holdings 19.43 -2.15 (-9.94%)DELL Dell Technologies Inc. 120.84 -13.21 (-9.85%)AMSC American Superconductor Corporation 50.39 -3.46 (-6.42%)I più scambiatiWBA Walgreens Boots Alliance, Inc. 11.98 0.00 (0.00%)OPEN Opendoor Technologies Inc. 4.8301 +0.5601 (+13.12%)NVDA NVIDIA Corporation 174.16 -5.96 (-3.31%)IREN IREN Limited 26.94 +3.90 (+16.93%)MRVL Marvell Technology, Inc. 64.65 -12.58 (-16.29%)Eventi relativi agli utiliI miei eventi relativi agli utiliEventi relativi agli utiliTicker più popolariBABA Alibaba Group Holding Limited 130.54 +10.97 (+9.17%)MRVL Marvell Technology, Inc. 64.70 -12.53 (-16.22%)AFRM Affirm Holdings, Inc. 92.35 +12.36 (+15.45%)DELL Dell Technologies Inc. 120.26 -13.79 (-10.29%)IREN IREN Limited 27.19 +4.15 (+18.01%)Principali eventi economici