US Equity Markets End Lower on Tech Slump, Inflation Concerns

MT Newswires Live
Aug 30

US benchmark equity indexes ended lower on Friday, led by declines in tech stocks amid fresh inflation concerns.

* The personal consumption expenditures price index rose 0.2% in July, following a 0.3% increase in June, with year-over-year headline inflation steady at 2.6%. Core PCE, which excludes food and energy, increased 0.3% in July and 2.9% over the past 12 months, the highest annual gain since February.

* The University of Michigan revised its August consumer sentiment index down to 58.2 from the preliminary 58.6, below July's final 61.7. Survey respondents also raised their inflation expectations to 4.8% for the next year and 3.5% annually over the next five years.

* October West Texas Intermediate crude oil fell $0.62 to settle at $63.98 per barrel, while October Brent crude, the global benchmark, was last seen down $0.50 to $68.12.

* Marvell Technology (MRVL) shares fell 19%, the biggest decline on the Nasdaq, after the semiconductor company's fiscal Q3 guidance disappointed investors.

* Autodesk (ADSK) shares rose 9.1%, the largest gain on the Nasdaq, a day after fiscal Q2 results topped Wall Street estimates, while the company boosted full-year guidance.

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