The S&P 500 ended lower Friday as investors digested implications of a U.S. inflation report for the Federal Reserve's interest rate policy and adjusted their portfolios on the last day of a weak third quarter for stocks.
Data showed the personal consumption expenditures price index, excluding the volatile food and energy components, increased 3.9% on an annual basis for August, the first time in over two years it had fallen below 4%. The Fed tracks the PCE price indexes for its 2% inflation target.
Meanwhile, Freedman said, “we are at quarter end, and with quarter end comes all sorts of activities across both the stock and bond markets." Among S&P 500 sectors, energy and financials declined sharply. Energy remained by far the biggest-gaining sector for the third-quarter. “Equity investors are finally waking up to the Fed and the Fed comments that it is going to be higher for longer, and there is an alternative to stocks,” said Paul Nolte, senior wealth advisor and market strategist for Murphy & Sylvest Wealth Management.
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