Stock Market Today: Stocks lower with inflation, CoreWeave IPO in focus
Trade war worries have stocks looking at a third straight day of declines heading into the Friday session.
U.S. equity futures slipped lower in early Friday trading, while Treasury yields and the dollar held steady, as markets continue to express caution over the prospects of a global trade war while parsing details from a key inflation reading tied to tariff price pressures.
Updated at 8:41 AM EDT
Sticky PCE
The Federal Reserve's preferred inflation gauge ticked higher last month suggesting the early impact of tariff price increases are starting to work their way into the world's biggest economy.
The Bureau of Economic Analysis's PCE Price Index report for the month of February showed core prices rising at an annual rate of 2.8%, faster than the January reading and Wall Street's consensus forecast of 2.7%.
Core price pressures, which strip away volatile food and energy components, were up 0.4% on the month, faster than January's 0.3% increase and Wall Street's consensus estimate of 0.3%.
Stocks were little changed following the data release, with futures indicating a 17 point opening bell decline for the S&P 500 and a 95 point pullback for the Dow Jones Industrial Average. The tech-focused Nasdaq is called 85 points lower.
Benchmark 2-year note yields were 1 basis points lower at 3.986% following the data release, while 10-year notes slipped 2 basis point to 4.323%.
The U.S. dollar index, which tracks the greenback against a basket of six global currencies, was marked 0.19% higher at 1084.431.
US Core PCE Price Index Annual Change ticked up to 2.8% pic.twitter.com/bbjBBfrBlB— Mike Zaccardi, CFA, CMT
