Nasdaq Down 100 Points; Federal Reserve's Favorite Inflation Gauge Increases More Than Expected
1. U.S. stocks including S&P 500 traded lower this morning. 2. PCE price index increased by 2.5% year-over-year. 3. Personal income growth accelerated to 0.8%, exceeding expectations. 4. Consumer discretionary shares fell by 1.4%, indicating sector weakness. 5. Inflation data complicates expectations for interest rate cuts.