The S&P 500 Index ($SPX) (SPY) this morning is down -0.15%, the Dow Jones Industrials Index ($DOWI) (DIA) is down -0.21%, and the Nasdaq 100 Index ($IUXX) (QQQ) is down -0.49%.
Stock indexes this morning are moderately lower. Long liquidation pressure from recent record highs is weighing on the stock market ahead of Thursday’s PCE deflator report, the Fed’s preferred inflation gauge. The consensus is that the Jan core PCE deflator will ease to 2.8% y/y from 2.9% y/y in December. Today’s U.S. Q4 U.S GDP was mixed for stocks as Q4 GDP was revised lower, but Q4 personal consumption was revised higher. Lower bond yields today are supportive of stocks.
