Apple Inc (NASDAQ:MSFT) shares are trading lower Friday afternoon amid overall market weakness following January PCE data, which showed a rise in US inflation. Rising inflation could lead to more aggressive Fed policy, which could negatively impact consumer spending.
So What Happened?
Our Benzinga team reported the headline PCE rose 5.4% in January. That's up from a 5.3% gain in December but still well below its 2022 high of a 7% increase in June. The January PCE reading came in well above economist estimates of 4.9%.
Core PCE inflation, which excludes volatile food and energy prices, was up 4.7% in January, above economist estimates of 4.3%…Read More
According to data from Benzinga Pro:
- AAPL is trading lower by 2.34% to $145.91
- MSFT is trading lower by 2.43% to $248.58
