US stocks little changed as investors mull the Fed’s rate path following new data

• US stocks wavered on Friday as investors mull where the Fed’s rate path is headed.
• Investors have a slew of Fedspeak to parse through related to the PCE print from Thursday.
• Turmoil at New York Community Bankcorp continued, with its stock down 24% on Friday.

US stocks wavered on Friday morning after rallying following the inflation report released Thursday that came in in-line with expectations. 

Investors are now trying to read the tea leaves of where rates are headed, with core inflation still resting above the central bank’s 2% target. There’s a slew of Fedspeak traders have to parse through. After the PCE data, New York Fed Presdient John Williams reiterated he thinks a rate cut is likely to come later this year. Mary Daly, president of the San Francisco Fed, said there was no urgency to cut rates given the economic strength of the US economy.

On Friday, Fed speakers on deck include Fed Governor Chris Waller, Dallas Fed President Lorie Logan, and Atlanta Fed President Raphael Bostic. 

Meanwhile, a fresh bout of volatility hit shares of New York Community Bankcorp, with its stock down 26% on Friday. After spiraling earlier in February, the bank released several statements on Thursday, citing “material weakness” in its internal loan risk controls, that further shredded nerves on Wall Street.

Here’s where US indexes stood at the opening bell at 9:30 a.m. on Friday: 

• S&P 500:, 5,096.78, up 0.01%
• Dow Jones Industrial Average: 38,874.28, down 0.29% (-114.06 points)
• Nasdaq Composite: 16,110.75, up 0.12%

Here’s what else is going on:

• El Salvador’s millennial crypto-loving president says the country’s bitcoin holdings are up more than 40%.
• Wall Street’s favorite recession gauge has been flashing for 16 months, but the other key ingredient of a downturn is nowhere to be seen.
• The housing market just saw its biggest inventory spike in nearly 3 years.
• Real-estate lender NYCB is in turmoil, shredding nerves on Wall Street.

In commodities, bonds, and crypto: 

• Oil prices rose, with West Texas Intermediate up 1.89% to $79.94 a barrel. Brent crude, the international benchmark, edged up 1.68% to $83.29 a barrel.
• Gold went up 0.28% to $2,060.40 per ounce.
• The 10-year Treasury yield was up three basis points to 4.288%.
• Bitcoin edged lower by 0.44% to $61,844.50.