US open: Wall Street trading gets off to mixed start as investors weigh data

(Sharecast News) - Wall Street trading got off to a mixed start on Friday after hotter-than-expected wholesale inflation numbers continued to weigh on stocks.

As of 1515 BST, the Dow Jones Industrial Average was up 0.13% at 44,970.07, while the S&P 500 shed 0.14% to 6,459.58 and the Nasdaq Composite came out of the gate 0.13% softer at 21,681.43.

The Dow opened 58.81 points higher on Friday, more than erasing losses recorded in the previous session as the strongest rise in wholesale prices in three years limited upside for stocks.

Markets flatlined on Thursday after hopes for an imminent interest-rate cut propelled indices to record highs the previous session. However, major indices were all on track for weekly solid gains, with the Dow Jones eyeing up its first record close of the year.

US retail sales were in focus early on Friday after rising as expected in July, according to advance figures from the Census Bureau, up 0.5% last month, extending June's 0.6% rebound. Excluding autos, core retail sales increased by 0.3%, also in line with expectations, suggesting a slight moderation in discretionary spending last month. On an annualised basis, total sales were up 5.9%, buoyed by back-to-school purchases and extended summer discounting.

July's retail sales figures come as market participants increasingly price in a September rate cut from the Federal Reserve, with softer inflation readings and a cooling labour market supporting the case for monetary easing. However, signs of spending fatigue and cautious consumer behaviour, particularly among lower-income households, continue to temper the outlook.

Elsewhere on the macro front, the New York Empire State manufacturing index increased to 11.9 in August, the highest reading since November 2024, up from 5.5 in July and ahead of market expectations of 0, pointing to a strong pickup in manufacturing activity. Both new orders and shipments increased, while delivery times lengthened sharply and supply availability slipped. At the same time, inventories fell after last month's expansion.

On another note, US capacity utilisation slipped to 77.5% in July from a revised 77.7% in June, in line with market expectations for a reading of 77.5%, according to the Federal Reserve, while industrial production rose by 1.4% year-on-year, the most since January, extending the previous month's upwardly revised 0.8% uptick.

Still on data, a preliminary reading of August's University of Michigan consumer sentiment index dropped to 58.6 in August, down from 61.7 in July and shy of expectations of 62. The reading marks the first decline in consumer sentiment in four months, principally due to growing inflation fears and worse buying conditions for durable goods.

Finally, US business inventories increased 0.20% in June, according to the Census Bureau.

In the corporate space, Intel shares were in the green early on Friday after Bloomberg said the Trump administration was reportedly in discussions to take a stake in the tech giant.

Reporting by Iain Gilbert at Sharecast.com

Dow Jones - Risers

Unitedhealth Group Inc. (UNH) $301.88 11.19%

Intel Corp. (INTC) $24.18 9.35%

Salesforce.Com Inc. (CRM) $240.21 2.93%

Amgen Inc. (AMGN) $293.47 1.77%

Merck & Co. Inc. (MRK) $84.22 1.76%

Dow Chemical Co. (DOW) $23.73 1.54%

Walgreens Boots Alliance, Inc. (WBA) $12.06 1.47%

Verizon Communications Inc. (VZ) $43.89 0.90%

Nike Inc. (NKE) $77.02 0.82%

Procter & Gamble Co. (PG) $154.97 0.80%

Dow Jones - Fallers

Cisco Systems Inc. (CSCO) $67.17 -3.71%

3M Co. (MMM) $153.22 -2.19%

Caterpillar Inc. (CAT) $411.17 -1.52%

Goldman Sachs Group Inc. (GS) $739.02 -1.09%

Walmart Inc. (WMT) $100.00 -0.84%

Apple Inc. (AAPL) $231.81 -0.83%

JP Morgan Chase & Co. (JPM) $291.99 -0.74%

Boeing Co. (BA) $232.10 -0.47%

McDonald's Corp. (MCD) $308.07 -0.28%

American Express Co. (AXP) $307.11 -0.20%

S&P 500 - Risers

Unitedhealth Group Inc. (UNH) $301.88 11.19%

Intel Corp. (INTC) $24.18 9.35%

Under Armour, Inc. (UA) $5.05 5.99%

Under Armour Inc. Class A (UAA) $5.20 5.69%

Nektar Therapeutics (NKTR) $26.81 5.16%

Centene Corp. (CNC) $28.18 4.64%

Skyworks Solutions Inc. (SWKS) $75.30 3.80%

Elevance Health Inc. (ELV) $306.61 3.78%

Biogen Inc (BIIB) $137.59 3.49%

DENTSPLY Sirona Inc. (XRAY) $13.98 3.40%

S&P 500 - Fallers

Applied Materials Inc. (AMAT) $166.21 -11.48%

Lam Research Corp. (LRCX) $101.05 -5.00%

KLA-Tencor Corp. (KLAC) $901.25 -3.79%

Cisco Systems Inc. (CSCO) $67.17 -3.71%

Advanced Micro Devices Inc. (AMD) $177.94 -2.73%

Cintas Corp. (CTAS) $220.26 -2.41%

Electronic Arts Inc. (EA) $176.34 -2.39%

3M Co. (MMM) $153.22 -2.19%

Micron Technology Inc. (MU) $119.86 -2.18%

Take-Two Interactive Software Inc. (TTWO) $230.69 -2.11%

Nasdaq 100 - Risers

Qvc Group Inc Series A (QVCGA) $4.37 13.21%

Intel Corp. (INTC) $24.18 9.35%

Sirius XM Holdings Inc (SIRI) $23.45 4.59%

Skyworks Solutions Inc. (SWKS) $75.30 3.80%

Biogen Inc (BIIB) $137.59 3.49%

DENTSPLY Sirona Inc. (XRAY) $13.98 3.40%

Regeneron Pharmaceuticals Inc. (REGN) $580.20 3.21%

Mercadolibre Inc. (MELI) $2,395.00 2.90%

Liberty Global plc Series C (LBTYK) $11.64 2.42%

Liberty Global plc Series A (LBTYA) $11.53 2.22%

Nasdaq 100 - Fallers

Applied Materials Inc. (AMAT) $166.21 -11.48%

Lam Research Corp. (LRCX) $101.05 -5.00%

KLA-Tencor Corp. (KLAC) $901.25 -3.79%

Cisco Systems Inc. (CSCO) $67.17 -3.71%

JD.com, Inc. (JD) $31.47 -3.56%

Cintas Corp. (CTAS) $220.26 -2.41%

Electronic Arts Inc. (EA) $176.34 -2.39%

Micron Technology Inc. (MU) $119.86 -2.18%

Take-Two Interactive Software Inc. (TTWO) $230.69 -2.11%

Gen Digital Inc. (GEN) $31.38 -1.78%