Live Nasdaq Composite: Fed Warning Takes Wind Out of Market Sails
Live Updates Live Coverage Updates appear automatically as they are published. Producer Prices Fall 9:57 am by Gerelyn Terzo While Walmart may be passing along tariff costs to customers, not all companies are doing so. In April, producer prices declined by 0.5%, the steepest drop in half a decade, suggesting that U.S. producers are shielding […] The post Live Nasdaq Composite: Fed Warning Takes Wind Out of Market Sails appeared first on 24/7 Wall St..
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Producer Prices Fall
While Walmart may be passing along tariff costs to customers, not all companies are doing so. In April, producer prices declined by 0.5%, the steepest drop in half a decade, suggesting that U.S. producers are shielding customers from the higher costs. The results far exceeded estimates from Bloomberg economists, who had predicted a 0.2% increase in producer prices.
This article will be updated throughout the day, so check back often for more daily updates.
The markets are cautious out of the gate this morning, with all three of the major stock market averages trading lower. Stocks are weighing worrying comments from Fed Chairman Jerome Powell, who spoke at an economic event today. Powell warned that long-term interest rates are expected to remain elevated while monetary policy remains fluid, stating, “We may be entering a period of more frequent, and potentially more persistent, supply shocks — a difficult challenge for the economy and for central banks.”
Today’s declines come after a strong run for the S&P 500, which has advanced 18% over the past 25 sessions, erasing its deficit for the year and placing the broader market index into positive territory. The Nasdaq Composite has advanced 6% over the past five trading sessions. Apple (Nasdaq: AAPL) is paying its quarterly cash dividend of $0.26 per share today.
Here’s a look at the performance as of morning trading:
Dow Jones Industrial Average: Down 155.55 (-0.41%)
Nasdaq Composite: Down 112.11 (-0.56%)
S&P 500: Down 17.98 (-0.31%)
Market Movers
An executive at discount retailer Walmart (NYSE: WMT) revealed that the company will pass along the tariff impact to consumer in the form of higher prices. Consumers could begin to see higher prices as soon as this month. The stock is off 4.0% today.
China’s e-commerce giant Alibaba (NYSE: BABA) reported disappointing fiscal Q4 revenue results today, sending the stock reeling by 6.5%.
Networking giant Cisco (Nasdaq: CSCO) is down 4.2%.
AI cloud company CoreWeave (Nasdaq: CRWV) stock is also under pressure, falling 4.4% despite reporting strong Q1 revenue and robust demand for its platform. CoreWeave also secured tech giant Google as a client. The company announced a massive capex spending plan for Q2 that appears to have spooked investors.
The post Live Nasdaq Composite: Fed Warning Takes Wind Out of Market Sails appeared first on 24/7 Wall St..
