(Bloomberg) — Wall Street traders sent stocks down and bonds up after the latest round of economic data signaled momentum is slowing.
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Just 24 hours before the release of the Federal Reserve’s favorite price gauge, a report showed the US grew at softer pace — as both spending and inflation were marked down. Economic cooling could bolster the case for the Fed to start cutting interest rates this year. But that might also imply weaker consumption, and ultimately become a concern for Corporate America.
“The economic data today are a double-edged sword,” said Chris Zaccarelli at Independent Advisor Alliance.
The S&P 500 slid to 5,235, led by tech losses. US officials slowed the issuing of licenses to chipmakers such as Nvidia Corp. and Advanced Micro Devices Inc. for large-scale AI accelerator shipments to the Middle East, according to people familiar with the matter. In late hours, Dell Technologies Inc….
