As recent statistics revealed that prices surged in January

raising concerns about interest rates, U.S. equities began to decline.

The personal consumption expenditure index

a crucial inflation indicator monitored by the Federal Reserve

increased by 0.6% in January, outpacing the 0.2% increase in December.

PCE increased by 5.4% annually in January compared to a 5.3% increase in December.

When gasoline and food are excluded, core costs increased 0.6%