Wall Street ended lower on Friday as investors weighed signs of higher inflation, while Apple Inc (AAPL.O) tumbled following an unfavorable court ruling related to its app store.
The Dow Jones Industrial Average declined for a fifth straight day Friday as economic uncertainty loomed.
The blue-chip index shed 271.66 points to close at 34,607.72.
The S&P 500 dipped nearly 0.8% to 4,458.58, and the Nasdaq Composite retreated about 0.9% to 15,115.49.
Apple was the biggest laggard weighing on the Dow, down 3.3%. The tech giant can no longer force developers to use in-app purchasing, a federal judge ruled Friday in a closely watched trial between Apple and Epic Games.
Investors are worried about persistent Covid cases slowing the economy just as hot inflation causes the Federal Reserve to take away easy policies.
The August producer prices index released Friday showed wholesale costs for businesses rose 8.3% on an annual basis, its biggest advance on record since at least 2010. The PPI accelerated 0.7% for the month, above the 0.6% Dow Jones estimate. The more important consumer price index for August will be released on Tuesday.
Sentiment also took a hit from Cleveland Federal Reserve Bank President Loretta Mester's comments that she would still like the central bank to begin tapering asset purchases this year despite the weak August jobs report.
The S&P 500 has risen about 19% in 2021, buoyed by support from dovish central bank policies and re-opening optimism.
Reference: CNBC, Reuters
Thai
Eng