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Stocks edged lower on Friday, setting Wall Street up for a weekly loss, as investors weighed the impact of hot inflation prints on the Federal Reserve’s policy decision next week.

The S&P 500 (^GSPC) lost 0.7%, while the Dow Jones Industrial Average (^DJI) shed 0.5% or 200 points. The tech-heavy Nasdaq Composite (^IXIC) decreased 1%.

Stocks slipped further after Thursday’s across-the-board losses, which came as another hotter-than-expected inflation report spooked investors into rethinking bets on a June interest rate cut. Concerns that “sticky” inflation could turn out harder to cool than the Fed expected can undermine the case for rate cuts.

With no big data releases on Friday’s docket, eyes are turning to the February PCE report — the Fed’s preferred inflation measure — for more clarity on whether inflation is cooling as fast as it wants. But that reading won’t come until near the end of March, after the central bank’s policy decision next week.

Meanwhile, bitcoin (BTC-USD) pulled back further from its latest record high above $73,000, trading just below $68,000 in afternoon trading. Crypto-related stocks initially lost ground alongside the token, but while Coinbase (COIN) recovered and gained 1.5%, MicroStrategy (MSTR) lost 2%.

Elsewhere in corporates, Adobe (ADBE) shares fell over 14% after its downbeat quarterly sales forecast fueled worries about competition from AI startups.

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Today, on March 15, 2024, the stock market saw a retreat as investors on Wall Street continue to weigh the impact of hot inflation on the Federal Reserve’s monetary policy. After a string of record highs in recent weeks, major stock indices like the S&P 500 and the Dow Jones Industrial Average dipped amid concerns about rising prices and the potential for interest rate hikes.

One of the main drivers of today’s market movement was the latest inflation data, which showed that consumer prices rose sharply in February. The Consumer Price Index (CPI) jumped by 7.9% year-over-year, marking the fastest pace of inflation in nearly four decades. This surge in prices has raised fears that the Fed may need to take more aggressive action to curb inflation, including raising interest rates sooner than expected.

Investors are closely watching how the Fed will respond to the inflationary pressures, as higher interest rates could dampen economic growth and weigh on corporate earnings. Many market participants are expecting the central bank to signal a more hawkish stance in the coming months, which could lead to increased volatility in the stock market.

Technology stocks were among the hardest hit today, with the tech-heavy Nasdaq Composite Index falling more than 2%. Investors have been particularly sensitive to rising interest rates, as tech companies typically rely on cheap borrowing costs to fuel their growth. Other sectors that experienced losses included consumer discretionary, energy, and industrial stocks.

Despite the overall negative sentiment in the market today, some analysts remain optimistic about the long-term outlook for stocks. They point to solid corporate earnings, strong economic fundamentals, and a healthy labor market as reasons to remain bullish on equities. However, the specter of inflation and the Fed’s response to it will likely continue to be a key factor in driving market sentiment in the coming weeks.

In conclusion, the stock market retreated today as investors grapple with the implications of hot inflation for the Federal Reserve’s monetary policy. While uncertainty remains high, market participants are closely monitoring how the central bank will navigate the current economic environment and what it could mean for stock prices in the future.