RTTNews - Stocks have moved moderately lowed in early trading on Friday, with the major averages giving back some ground after closing higher in the two previous sessions. The pullback comes as traders digest the latest batch of economic data.
Housing stocks are turning in some of the worst performances, while significant weakness has also emerged among real estate, semiconductor, and airline stocks. On the other hand, some healthcare provider stocks are posting notable gains.
Before the start of trading, the Labor Department released a report showing that consumer prices were unchanged in July, with decreases in food and energy prices offsetting higher prices for apparel and tobacco.
The Labor Department said its consumer price index was unchanged in July after increasing by an unrevised 0.7 percent in June. The lack of growth in consumer prices came in line with the expectations of economists.
Excluding the decreases in food and energy prices, the core consumer price index edged up 0.1 percent in July following a 0.2 percent increase in the previous month. Economists had expected the index to increase by 0.1 percent.
Separately, the Federal Reserve released a report showing that industrial production in the month of July increased by more than economists had been anticipating, with the production of automotive products showing a notable increase,
The report showed that industrial production increased by 0.5 percent in July after falling by 0.4 percent in June. Economists had been expecting a slightly more modest increase in industrial production of about 0.4 percent.
In the past few minutes, the major averages have edged up off their lows for the young session, although they remain stuck in the red. The Dow is currently down 26.00 at 9,372.19, the Nasdaq is down 8.33 at 2,001.02 and the S&P 500 is down 2.57 at 1,010.16.
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