Stock Market Today: Nasdaq Slips as Magnificent 7 Stocks Drop

The Dow Jones Industrial Average, on the other hand, gained ground Friday as Salesforce bounced back.

closeup of blue stock chart with red and green volume bars and a green moving average
(Image credit: Getty Images)

It was a mixed finish to a strong month for stocks as investors weighed an encouraging inflation update against another round of disappointing tech earnings and a selloff in several mega-cap names.  

Starting with the inflation data. Ahead of the open, the Bureau of Economic Analysis said the Personal Consumption and Expenditures (PCE) Price Index, which measures consumer spending, was up 0.3% from March to April, matching what was seen the month prior and arriving in line with economists' predictions. The annual increase in the PCE index was also unchanged at 2.7%.

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Karee Venema
Senior Investing Editor, Kiplinger.com

With over a decade of experience writing about the stock market, Karee Venema is the senior investing editor at Kiplinger.com. She joined the publication in April 2021 after 10 years of working as an investing writer and columnist at Schaeffer's Investment Research. In her previous role, Karee focused primarily on options trading, as well as technical, fundamental and sentiment analysis.