Stocks wrapped up the weak lower on Friday, thereby marking a second consecutive losing week. This comes as investors digest the latest inflation data that has come in hotter as the Federal Reserve is set to make its latest interest rate decision next week.
The benchmark S&P 500 slumped 0.7% while the tech-heavy Nasdaq Composite plummeted by 1%. The Dow Jones Industrial Average fell 0.5%. Both the S&P 500 and the Nasdaq Composite clocked in their second consecutive weekly loss.
Friday’s declines follow a stock slump during the previous session following an unexpectedly hot Consumer Price Index (CPI) report for February. Investors have since shifted focus to the Personal Consumption Expenditures (PCE) report set to be released later this week.