Stock Market Today: The Dow Jones reversed higher Friday after key inflation data. Shares of Nike stock plunged on earnings.
The flat reading in the personal consumption expenditures(PCE) price index last month followed an unrevised 0.3% gain inApril, the Commerce Department's Bureau of Economic Analysissaid on Friday. In the 12 months through May, the PCE priceindex increased 2.6% after advancing 2.7% in April. Economists polled by Reuters had forecast the PCE priceindex unchanged on the month and rising 2.6% year-on-year.
Investors are doubling down on tech, whether they realize it or not. The market benchmarks’ annual rebalancing takes place after the closing bell on Friday.