4Q preliminary Gross Domestic Product, the broadest measure of economic output, was revised from the initial report of a 3.8% annualized rate of decline to a 6.2% drop, decreasing much more than the forecast of a 5.4% decline. Personal consumption was revised from -3.5% to -4.3%, also much worse than the expectation of -3.7%. The core PCE Index, which excludes food and energy, was up 0.8%, above the estimate of 0.6%.
The Chicago Purchasing Manager survey, which measures manufacturing in the Midwest, unexpectedly improved, rising from 33.3 in January to 34.2 in January, better than the estimate of 33.0. Prices paid fell from 39.8 to 37.8 as commodity and oil prices continue to reflect a lack of price pressures.
The Dow Jones Industrial Average lost 119 points (1.7%) to close at 7,063, the S&P 500 Index fell 18 points (2.4%) to 735, and the Nasdaq Composite declined 13 points (1.0%) to 1,378. Crude oil fell $0.80 to $44.44 per barrel and gold decreased $4.11 to $942.10 per ounce. For the week, the DJIA fell 4.1%, the S&P 500 Index lost 4.5%, and the Nasdaq Composite decreased 4.4%.
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