The Dow Jones Industrial Average (^DJI) was down 469.38 (-1.01%) points today, as the market grappled with a higher-than-expected PCE inflation report. This key economic indicator has sparked renewed concerns that the Federal Reserve may maintain restrictive monetary policy for longer than previously anticipated, dampening investor appetite for risk. The narrative today is centered on sticky inflation and rising Treasury yields, which have put significant pressure on high-valuation growth stocks across the board. Dow Futures (YM=F) mirrored this cautious sentiment, as they were down 219.00 (-0.47%) points today.
Leading the few gainers in the index, Salesforce (CRM) was up 1.89% today, benefiting from strong enterprise demand for its cloud-based AI tools. Chevron (CVX) was up 1.24% today as energy prices remained firm, while Apple (AAPL) was up 0.90% today, showing relative strength in a volatile environment. Other stocks in the green included Verizon (VZ), which was up 0.75%, and IBM (IBM), which was up 0.42% today. Cisco Systems (CSCO) also edged higher, as it was up 0.40% today.
Conversely, Nvidia (NVDA) was down 3.59% today, marking the steepest decline in the index as profit-taking hit the semiconductor space. 3M (MMM) was down 2.74% today, followed by Boeing (BA), which was down 2.24% today. Industrial giant Caterpillar (CAT) was down 1.95% today, while Goldman Sachs (GS) was down 1.90% today. Other notable laggards included Amazon (AMZN), down 1.73%, and Nike (NKE), which was down 1.51% today.
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.