Stocks slid on Friday as higher-than-expected inflation data and mounting fears about artificial intelligence’s economic impact weighed on investors.
The S&P 500 fell 30 points, or 0.4%, to close at 6,879, while the Dow Jones Industrial Average tumbled 521 points, or 1.1%. The tech-heavy Nasdaq Composite sank 0.9% on the day.
The losses followed the release of the Producer Price Index, which measures price changes before they reach consumers. Inflation at the U.S. wholesale level rose 2.9% in January on an annualized basis, much higher than the 1.6% that economists had expected. The hotter-than-expected reading could persuade the Federal Reserve to hold off on rate cuts, experts noted.
Oil prices also climbed as tensions between the United States and Iran escalated over a potential nuclear deal. President Trump has threatened to attack Iran if the country does not agree to rein in its nuclear capabilities.
The price for a barrel of benchmark U.S. crude rose 2.8%
...Keep reading this article on CBSNews.
