Stocks Close Lower Amid Inflation Concerns, Mixed Corporate Earnings
The stock market ended a volatile week on a down note following another report of higher-than-expected inflation, affecting investor sentiment.
- US stocks closed lower on Friday after a hotter-than-expected inflation reading, with the S&P 500 dipping 0.5%, the Dow Jones falling 0.4%, and the Nasdaq dropping 0.8%.
- The Producer Price Index (PPI) for January rose 0.3%, higher than the 0.1% economists had anticipated, indicating persistent inflationary pressures.
- Mixed corporate earnings reports influenced the market, with Coinbase posting its first quarterly profit in two years, while Roku's stock plummeted due to ad market challenges.
- Commercial real estate may have reached a bottom, according to CBRE, signaling potential recovery in the office market.
- Oil prices continued their upward trend, with futures for West Texas Intermediate and Brent crude marking their fourth weekly gain in the past five weeks.
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