Stocks decline with tech shares; dollar weakens as Fed rate cut in view

Written by Caroline Valtikafic

New York (Reuters) -Major stock indicators decreased on Friday, as technology shares, including Dell Technologies, topped the decrease, while the dollar was weaker against the euro after US inflation data has kept expectations to reduce the interest rate in September.

Dell decreased by 8.9 % after being reported late Thursday, which included high manufacturing costs for improved artificial intelligence servers. Other prosecution -related shares in the broader technology selling including NVIDIA, a decrease of 3.3 %, and Broodcom, decreased by 3.6 %. The Nasdaq Stock Exchange fell more than 1 % and the S&P Technology Index decreased by 1.6 %.

The US Department of Commerce said on Friday that its PCE expenses increased by 0.2 % in July, compared to an unbearable increase of 0.3 % in June and matching the economists covered by Reuters.

In 12 months to July, PCE increased by 2.6 % after 2.6 % in June. With the abstraction of flying food and energy components, the so -called PCE price index increased by 0.3 % last month. Then 0.3 % increased in the basic inflation in June.

Art Hogan, chief strategy numbers in B.C. markets, said. Riley Wilth in Boston, via email: “You have to love her when a plan gathered. Today’s numbers were on both personal consumption, expenditures, income and spending, in the middle of the corridor.”

“This leaves the door wide open to the Federal Reserve to reduce prices in September and is likely again in October and December.”

Traders are now pricing 89 % reduction by the Federal Reserve next month, an increase of 84 % before the data.

Merchants increased the bets on more cuts after the Federal Reserve Chairman Jerome Powell approved an unexpected tone.

The last euro was 0.11 % at $ 1.1696. The dollar index, which measures greenery against the currency basket, decreased by 0.09 % to 97.79.

The Dow Jones Industrial rate decreased 92.02 points, or 0.20 %, to 45,544.88, the S&P 500 41.60 points, or 0.64 %, to 6460.26 and the nasdaq compound decreased 249.61 points, or 1.15 %, to 21,455.55.

“Today is just a weak market in the market, with technology,” said Zakari Hill, head of the governor’s administration at Horizon Investments in Charlotte, North Carolina.

During the month, the S&P 500 increased by 1.9 %, and download 3.2 % increased and Nasdaq added 1.6 %.

The main US financial markets will be closed to spend the Labor Day holiday on Monday.

European stocks closed less, as they reached their lowest level in more than two weeks, weighing British banks. The data released on Friday showed that the prices of French consumers increased slightly less than what was expected in August, while the inflation rate in the European Union in Spain was fixed for 12 months fixed at 2.7 %.