Stocks in the US finished lower on Friday, driven by concerns sparked by robust PPI data, heightening worries that the Fed may not initiate interest rate cuts sooner than expected.
The S&P 500 lost 0.5%, the Dow dropped 145 points and Nasdaq slid 0.8%.
Real estate, technology and consumer discretionary were the worst performing sectors while the energy sector managed to stay in the green.
Shares of Applied Materials soared 6.3% after the company's earnings, revenue and guidance topped estimates.
On the other hand, DoorDash fell 8.1% after reporting a higher-than-expected loss.
ETF Ranking, Alpha Analysis & Market Movers from Gryning AI. The regular format with Macro Perspectives will be back tomorrow.
Market Movers - In January, the Producer Price Index (PPI) for final demand ticked up by 0.3%, contrasting with a slight decline in December. When the 2Y jumps? Here are the best and worst performing sectors when the US 2Y has historically jumped above 4.7%:Â
Top 3 Performing Sectors:
Energy Sector with a 1-month return of 3.83%
Materials Sector with a 1-month return of 3.22%
Communication Services Sector with a 1-month return of 2.30%
Bottom 3 Performing Sectors:
Health Care Sector with a 1-month return of -0.90%
Utilities Sector with a 1-month return of -0.92%
Financials Sector (specifically Banks) with a 1-month return of -0.17%