US stocks end lower as inflation expectations climb

US stocks declined at the close of the last trading session of the week as Treasury yields rose, following a drop in consumer confidence in the US for the second consecutive month, amid a surge in inflation expectations.

The Dow Jones Industrial Average shed 1%, or 444 points, to 44,303 points, recording a weekly loss of 0.55%.

Meanwhile, the S&P 500 fell by 0.95%, or 57 points, to 6,025 points, marking a weekly loss of 0.25%.

The Nasdaq Composite Index dropped by 1.35%, or 268 points, to 19,523 points, posting a weekly drop of 0.55%.

The Stoxx Europe 600 declined by 0.4% to 542.7 points, but the index recorded a weekly gain of 0.6%.

The FTSE 100 in the UK fell by 0.3% to 8,700 points, while Germany’s DAX declined by 0.55% to 21,787 points, and France’s CAC 40 dropped by 0.45% to 7,973 points.

In Japan, the Nikkei 225 declined by 0.7% to 38,787 points, while the broader Topix index fell by 0.55% to 2,737 points, recording weekly losses of 2% and 1.85%, respectively.

In the oil market, the prices of Brent crude futures for April delivery rose by 0.5%, or 37 cents, to $74.66 per barrel, but recorded a weekly loss of 1.35%.

Similarly, US WTI crude futures for March delivery rose 0.55%, or 39 cents, to $71 per barrel, though they declined by 2.1% over the week.

Gold futures for April delivery climbed by 0.4% or $10.9 to $2,887.6 per ounce, recording a weekly gain of 1.85%.

Meanwhile, data from the University of Michigan revealed that the Consumer Sentiment Index dropped to 67.8 points in February, down from 71.1 points in January. Inflation expectations for the next 12 months surged to 4.3%, up from 3.3%, marking the highest level since November 2023.