Stocks Fall on Inflation Worries After Hitting Record High
• Stocks are lower Friday as market assesses latest inflation data; S&P 500 hit record high Tuesday but pulled back Thursday • Traders have pared down expected Fed rate cuts this year as inflation remains high and job market resilient • Microsoft, Salesforce, Amazon, Cisco stocks down Friday, weighing on Dow Jones Industrial Average • Inflation-protected ETFs on pace for worst weekly performance in 5 months as inflation stays sticky • Latest PPI and CPI reports show price pressures remain high even as pace of inflation has come down from 2022 peak