Stocks Slide as Cocoa and Gold Hit Record Highs Amid Inflation Hopes and Apple Warning Signs
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Stocks slid on Monday to start the second quarter, with the S&P 500 and Dow falling while the Nasdaq was mostly flat. Markets are coming off a strong first quarter.
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Friday's PCE inflation data showed prices rising less than expected, boosting investor hopes of Fed rate cuts this year. Jobs data at the end of the week will provide more signals.
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Cocoa futures hit a record high over $10,000 per metric ton, up 250% in the past year due to weather and crop issues. Analysts point to speculative trading as well.
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Gold touched new highs, rising over 6% this year so far on expectations of Fed interest rate cuts potentially as early as June.
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Multiple analysts sounded warnings on Apple ahead of earnings, projecting declines in sales and profits for 2024 - the first yearly declines since 2016.