Stock Drop Has VIX Rising From Pre-Pandemic Level: Markets Wrap
- US inflation expectations fall to lowest in over two years
- New York manufacturing expands unexpectedly on new orders
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Stocks fell, with a massive options event amplifying volatility and traders weighing the impacts of a strike that hit Detroit automakers while sifting through economic data before the Federal Reserve decision.
Big tech led losses Friday, with giants like Nvidia Corp. and Meta Platforms Inc. down over 3.5%. The S&P 500 erased this week’s gain, while the Nasdaq 100 dropped almost 2%. A gauge of chipmakers sank on a news report that Taiwan Semiconductor Manufacturing Co. has asked major suppliers to delay shipment of high-end equipment. Ford Motor Co. and General Motors Co. whipsawed. Treasury yields rose. The dollar was little changed.