Reuters / Brendan McDermid
- US stocks dropped on Friday amid fresh inflation data and corporate earnings.
- The PCE price index rose 4.2% in March from a year ago, compared to the prior month's 5.1% gain.
- Amazon raised concerns about its cloud business moving forward, and shares fell Friday.
US stocks dropped Friday as investors responded to fresh economic data and corporate earnings from Amazon and Intel.
The personal consumption expenditures price index, the Federal Reserve's preferred inflation gauge, rose 0.1% in March from the prior month. Yearly growth cooled to 4.2% from 5.1% in February.
Excluding food and energy, the index climbed 0.3% for the month, in line with forecasts, and 4.6% for the year.