Investing.com-- Wall Street marked an unexpected reaction to softer-than-expected inflation data, with heavyweight technology stocks logging steep losses after the reading even as optimism over a September interest rate cut grew.
President Joe Biden also reiterated his intention to run against Donald Trump in the 2024 elections, dismissing calls for him to pull out amid growing concerns over his mental state.Markets were seen ramping up bets on a September interest rate cut by the Federal Reserve, following softer-than-expected consumer price index data on Thursday.
This trend spilled over into Asian and European markets on Friday, with tech-heavy bourses clocking steep losses. Biden said he was the “most qualified person to run for President,” while fielding questions from the press at a NATO summit on Thursday. Biden said that he had beaten Trump once and would do so again.