Skip Header
Important information: The value of investments can go down as well as up so you may get back less than you invest. Investors should note that the views expressed may no longer be current and may have already been acted upon. This is a third-party news feed and may not reflect Fidelity’s views.

US open: Stocks lower as traders digest January PPI figures

(Sharecast News) - Wall Street trading kicked off with some losses early on Friday as market participants digested some fresh inflation data. As of 1600 GMT, the Dow Jones Industrial Average was down 0.20% at 38,696.69, while the S&P 500 lost 0.20% to 5,019.66 and the Nasdaq Composite came out the gate 0.46% weaker at 15,833.34.

The Dow opened 76.43 points lower on Friday, taking a modest bite out of gains recorded in the previous session.

Friday's primary focus was January's producer price index, which revealed wholesale prices in America had risen more quickly than anticipated. According to the Department of Labor, in seasonally adjusted terms the producer price index rose at a month-on-month pace of 0.3%. On an annualised basis, the rate of increase in headline producer prices dipped from 1.0% in December to 0.9% in January.

Food prices declined by 0.3% in comparison to the prior month, while those for energy fell by 1.7%. Services prices, on the other hand, jumped by 0.6%.

Elsewhere on the macro front, housing starts slumped 14.8% month-on-month to 1.33m in January, according to the Census Bureau, missing market forecasts for a reading of 1.46m, while building permits dropped 1.5% to 1.47m, down from 1.49m in December.

Finally, consumer confidence was little changed in early February, albeit after two months of large gains, according to preliminary results for the University of Michigan's consumer confidence index, which saw it print at 79.6 in February, versus a reading of 79.0 for January. Economists had pencilled-in a reading of 80.0.

In the corporate space, delivery service DoorDash was in the red after reporting a wider-than-expected loss, while digital advertising company Trade Desk traded higher after topping revenue estimates with its Q4 earnings and issuing some upbeat guidance for Q1, and semiconductor equipment maker Applied Materials was also sharply higher on the back of its own positive quarterly numbers.

Markets will be closed on Monday in observance of the Presidents' Day public holiday.

Reporting by Iain Gilbert at Sharecast.com

Dow Jones - Risers

Caterpillar Inc. (CAT) $327.45 1.35% Dow Chemical Co. (DOW) $55.80 1.14% Walmart Inc. (WMT) $170.46 0.69% Procter & Gamble Co. (PG) $158.01 0.63% International Business Machines Corporation (CDI) (IBM) $187.99 0.60% American Express Co. (AXP) $213.70 0.55% Home Depot Inc. (HD) $362.20 0.31% Goldman Sachs Group Inc. (GS) $386.27 0.22% Chevron Corp. (CVX) $154.80 0.22% Merck & Co. Inc. (MRK) $126.78 0.19%

Dow Jones - Fallers

Nike Inc. (NKE) $101.96 -3.85% Amgen Inc. (AMGN) $284.39 -1.62% Intel Corp. (INTC) $43.58 -1.07% Walgreens Boots Alliance, Inc. (WBA) $22.06 -1.03% Boeing Co. (BA) $203.24 -1.02% Johnson & Johnson (JNJ) $156.50 -0.84% 3M Co. (MMM) $91.58 -0.78% Verizon Communications Inc. (VZ) $40.35 -0.58% Salesforce.Com Inc. (CRM) $290.25 -0.58% McDonald's Corp. (MCD) $290.48 -0.47%

S&P 500 - Risers

Applied Materials Inc. (AMAT) $200.91 7.06% Vulcan Materials Co. (VMC) $257.13 6.05% Albemarle Corp. (ALB) $123.86 5.41% Dollar General Corp (DG) $141.71 4.94% Freeport-McMoRan Inc (FCX) $39.45 3.14% Eli Lilly and Company (LLY) $778.73 2.76% DaVita Inc (DVA) $122.93 2.56% Lam Research Corp. (LRCX) $934.13 2.23% KLA-Tencor Corp. (KLAC) $666.36 2.14% PVH Corp. (PVH) $130.79 2.11%

S&P 500 - Fallers

Digital Realty Trust (DLR) $139.08 -6.41% Adobe Systems Inc. (ADBE) $564.48 -4.40% Nike Inc. (NKE) $101.74 -4.06% TripAdvisor Inc. (TRIP) $26.81 -3.07% Fortinet Inc. (FTNT) $68.36 -2.70% VF Corp. (VFC) $16.65 -2.38% Gilead Sciences Inc. (GILD) $71.69 -2.29% Western Digital Corp. (WDC) $54.74 -2.28% Hanesbrands Inc. (HBI) $4.24 -2.19% Meta Platforms Inc. (META) $473.60 -2.15%

Nasdaq 100 - Risers

Applied Materials Inc. (AMAT) $200.91 7.06% Qurate Retail Inc. (QRTEA) $1.09 5.34% JD.com, Inc. (JD) $24.45 3.80% Lam Research Corp. (LRCX) $934.13 2.23% Baidu Inc. (BIDU) $109.13 2.14% KLA-Tencor Corp. (KLAC) $666.36 2.14% Trip.com Group Limited (TCOM) $41.56 1.50% Nvidia Corp. (NVDA) $734.41 1.08% Asml Holdings N.V. (ASML) $938.00 0.88% Dollar Tree Inc (DLTR) $143.19 0.73%

Nasdaq 100 - Fallers

Liberty Global plc Series C (LBTYK) $18.83 -7.81% Liberty Global plc Series A (LBTYA) $17.94 -6.95% Adobe Systems Inc. (ADBE) $564.48 -4.40% Gilead Sciences Inc. (GILD) $71.69 -2.29% Western Digital Corp. (WDC) $54.74 -2.28% Meta Platforms Inc. (META) $473.60 -2.15% Micron Technology Inc. (MU) $79.90 -2.12% Biogen Inc (BIIB) $219.10 -1.90% Amgen Inc. (AMGN) $283.92 -1.78% Monster Beverage Corp (MNST) $55.21 -1.71%

Share this article

Related Sharecast Articles

Europe close: Markets fall as geopolitical tensions rise
(Sharecast News) - European markets were still in the red at the end of the day on Tuesday, tracking a global sell-off as investors mulled Israel's potential reaction to an Iranian missile attack over the weekend.
Broker tips: Everyman Media, Yellow Cake, Kainos
(Sharecast News) - Everyman Media is "well positioned for future success", according to Canaccord Genuity, which reiterated a 'buy' rating on the company following its 2023 results on Tuesday.
London close: FTSE 100 sinks to four-week low as risk-off trade takes hold
(Sharecast News) - London's top-tier stock market closed at its lowest levels in four weeks on Tuesday as risk-off trading took over in light of escalating tensions in the Middle East and concerns that monetary loosening in the UK and US may not happen as quickly as hoped.
US open: Stocks mixed as Treasury yields rise
(Sharecast News) - Wall Street stocks were mixed early on Tuesday after the benchmark 10-year Treasury note hit a fresh high.

Important information: This information is not a personal recommendation for any particular investment. If you are unsure about the suitability of an investment you should speak to one of Fidelity’s advisers or an authorised financial adviser of your choice. When you are thinking about investing in shares, it’s generally a good idea to consider holding them alongside other investments in a diversified portfolio of assets. Past performance is not a reliable indicator of future returns.

Award-winning online share dealing

Search, compare and select from thousands of shares.

Expert insights into investing your money

Our team of experts explore the world of share dealing.