Stock Market Today: Dow Dives 1,008 Points as Powell Speech Rattles Markets

Stocks took a plunge Friday as a favorable reading on inflation did little to offset the hawkish tone struck by Fed Chair Jerome Powell in a much-anticipated speech.

Ahead of the opening bell, data from the Commerce Department showed that the personal consumption expenditures (PCE) index – the Fed's preferred measure of inflation that tracks consumer spending – was up 6.3% year-over-year in July, slower than the 6.8% rise seen in June. On a month-over-month basis, the index fell 0.1%. Core PCE, which excludes volatile energy and food prices, was