Technology stocks rose in another volatile session yesterday, rebounding from steep morning losses after a key inflation gauge showed subdued price pressures, but the broader market declined. In U.S. economic news, consumer spending rebounded a solid 2.4 percent in January as government stimulus payments contributed to personal incomes jumping 10 percent. An inflation gauge favored by the U.S. Federal Reserve (Fed) showed price pressures remained tame. The safe-haven U.S. dollar gained versus a basket of other currencies as U.S. government bond yields held near one-year highs. Gold fell sharply to an eight-month low, posting its worst month since late 2016, as a stronger dollar and elevated Treasury yields hurt the metal's appeal. Futures dropped 2.6 percent to $1,728.80 an ounce on the New York Mercantile Exchange. Oil fell on the higher dollar and as expectations grew that with oil prices back above pre-pandemic levels, more supply is likely to enter the market. West Texas Intermediate (WTI) crude futures dropped $1,52, or 2.4 percent, to $62.03 a barrel. The Dow Jones industrial average fell 469.64, or 1.5 percent, to 30,932.37. Twenty-five of the index's 30 components declined, led by Salesforce.com and Dow Inc., which dropped 6.3 and 3.3 percent, respectively. Microsoft led advancers, climbing 1.5 percent. The broader S&P 500 index fell 18.19, or 0.5 percent, to 3,811.15. The technology-heavy Nasdaq composite index rose 72.91, or 0.6 percent, to 13,192.34. Netflix gained 1.4 percent, Amazon climbed 1.2 percent, Facebook advanced 1.15 percent, Google-parent Alphabet added 0.3 percent, and Apple rose 0.2 percent. Tesla fell 1 percent.
