Stocks Retreat on Intel's Gloomy Outlook and Key Inflation Reading That Could Influence Interest Rate Cuts
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Stocks retreated Friday following a gloomy outlook from Intel and as investors parsed a key inflation reading seen as influential in the timing of an interest rate cut.
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Intel shares fell over 11% in the early going, with peers AMD and Nvidia also taking a slight knock after Intel's first quarter outlook fell well short of Wall Street expectations.
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The PCE inflation index fell below 3% on an annual basis, the slowest rate of growth since March 2021, furthering the notion that the Fed may cut rates sooner.
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Earnings from Colgate-Palmolive and American Express are also in focus Friday, especially after Visa gave a tepid revenue-growth forecast.
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Spirit Airlines shares sank 17% after JetBlue warned its merger agreement with the airline may terminate Sunday due to unmet conditions.