The Dow Jones Industrial Average (^DJI) was down 118.93 (-0.24%) points today, currently trading at 49,191.39. Market sentiment was dampened by the release of the March Personal Consumption Expenditures (PCE) price index, which revealed that inflation remains stubbornly above the Federal Reserve's target. This economic data served as the main narrative, suggesting that interest rates may remain elevated for longer than investors had previously hoped. Consequently, Dow Futures (YM=F) was down 138.00 (-0.28%) points today as the market recalibrated expectations for monetary easing.
Despite the macro-economic drag, the technology sector showed remarkable strength. Nvidia (NVDA) was up 4.99% to $209.52, driven by continued optimism surrounding AI infrastructure spending and semiconductor demand. Amazon (AMZN) was up 3.14% to $263.03, while Microsoft (MSFT) was up 1.00% to $419.64. Defensive plays like Procter & Gamble (PG) also gained, as the stock was up 2.26% to $148.99, providing some stability to the index. Additionally, Salesforce (CRM) was up 1.47% to $175.68 as enterprise software demand remained robust.
On the losing side, healthcare and energy stocks bore the brunt of the sell-off following the inflation report. Merck (MRK) was down 2.30% to $112.00, and Chevron (CVX) was down 1.92% to $183.97. Retail and consumer tech also underperformed; Walmart (WMT) was down 1.43% to $130.18, and Apple (AAPL) was down 1.24% to $270.04. The financial sector saw similar declines, with American Express (AXP) down 1.11% to $314.98 and JPMorgan Chase (JPM) down 1.02% to $308.52.
Ed Liston is a senior contributing editor at TheStockMarketWatch.com. An active market watcher and investor, Ed guides an independent team of experienced analysts and writes for multiple stock trader publications.