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Technology stocks faced renewed selling pressure in premarket trading. Tesla, already down nearly 20% in March, slipped another 1%, while Alphabet fell by a similar margin. The Technology Select Sector SPDR Fund (XLK) lost 0.6%, reflecting broader weakness in the sector.
Despite the Fed’s reassurance that tariffs may have only a transitory effect on inflation, traders remain skeptical. Fed Chair Jerome Powell’s comments echoed past statements downplaying inflationary risks, but investors are watching for signs that higher prices could persist.
Economic Data Provides Mixed Signals
The latest Philadelphia Fed manufacturing index showed factory activity slowing in March but still beating expectations, with a reading of 12.5 versus the estimated 10. Hiring intentions surged to their highest level since October 2022, suggesting continued labor market strength.
Meanwhile, jobless claims rose slightly last week to 223,000, but remained below expectations, indicating that layoffs remain contained. Continuing claims increased to 1.89 million, reflecting steady but manageable labor market conditions.
Darden Restaurants Jump Even After Revenue Miss
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