NEW YORK (AP) — U.S. stocks fell Friday on worries that good news on the job market may be too good and prove to be bad for Wall Street by keeping inflation and interest rates high. The S&P 500 tumbled 1.
NEW YORK — U.S. stocks fell Friday on worries that good news on the job market may be too good and prove to be bad for Wall Street by keeping inflation and interest rates high.
The Fed has already indicated it’s likely to ease rates fewer times this year than it earlier expected because of worries about higher inflation. That’s in part because some officials are taking seriously the possibility of tariffs and other policies coming from President-elect Donald Trump that could worsen inflation.
The nuanced takes helped Treasury yields give back some of their initial bursts following the release of the jobs report. But preliminary results from a separate report later in the morning underscored the issue. It suggested U.S. consumers are getting more pessimistic about where inflation is heading.
Constellation Brands tumbled 17.1% for the biggest loss in the S&P 500 after the seller of Modelo beer and Robert Mondavi wine reported weaker profit and revenue for the latest quarter than analysts expected. CEO Bill Newlands said the company is seeing subdued spending from its customers, who are looking for better values.
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