The Dow Jones Industrial Average and other major indexes dropped on Friday as investors reacted to the failed attempt to avert a government shutdown with a funding bill backed by President-elect Donald Trump. The failure of the House GOP bill came after dozens of Republican lawmakers voted against it, along with almost all Democrats.
Key inflation data showed that the core PCE price index rose 0.1% in November, which was cooler than expected. This news weighed on stocks like Nvidia (NVDA) and Tesla (TSLA), which fell 1.4% and 2.8%, respectively. However, some companies managed to beat earnings and sales estimates, such as Nike (NKE).
The Commerce Department’s personal income and outlays report also showed that the core PCE price index was expected to increase 0.2% on the month, but instead rose by a smaller amount. This news was seen as positive for investors.
In other markets, the S&P 500 dropped 0.3%, while the Nasdaq composite fell 0.7%. The tech-heavy Nasdaq composite moved down 0.7% in morning trades. Oil prices dropped, and the 10-year Treasury yield ticked lower to 4.51%.
Among exchange-traded funds, the Invesco QQQ Trust (QQQ) declined 0.7%, as the SPDR S&P 500 ETF (SPY) moved down 0.3% after the open.
These markets are expected to continue their decline on Friday night, as a partial government shutdown is due to start.
Source: https://www.investors.com/market-trend/stock-market-today/dow-jones-sp500-nasdaq-trump-bill-nvidia-nvda-stock-tesla