Markets Right Now: Stocks opening lower on Wall Street

AP News
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Posted: Aug 12, 2016 12:07 PM

NEW YORK (AP) — The latest on developments in global financial markets (all times local):

12:00

Stocks are trading lower on Wall Street Friday, retreating from all-time highs reached a day earlier as new data showed weak retail spending and producer prices.

The Commerce Department said that Americans spent less at grocery stores, clothing shops, sporting goods and electronics and appliance outlets in July. Falling energy, clothing, and food prices dragged down producer prices by the largest amount in almost a year.

Major indexes retreated from Thursday's record highs. The Dow Jones industrial average is down 40 points, or 0.2 percent, to 18,573. The Standard & Poor's 500 is down 2 points, or 0.1 percent, to 2,184. The Nasdaq composite is down 4 points, or 0.1 percent, to 5,225.

Oil rose nearly 2 percent to $44.30 a barrel in New York. Bond prices rose and the yield on the 10-year Treasury fell to 1.49 percent.

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9:45 a.m.

Stocks are opening slightly lower on Wall Street Friday after U.S. retail sales and producer price index come in softer than expected in July.

Weakness seen as sign of consumer caution, although falling gasoline prices also contributed.

Retail earnings again in focus, with Nordstrom rising on larger than expected profit and Dillard's down on weak sales at existing stores. J.C. Penney rising on narrower loss and improved sales.

Major indexes retreated from Thursday's record highs. The Dow Jones industrial average down 27 points, or 0.2 percent, to 18,587. The Standard & Poor's 500 is down 4 points, or 0.2 percent, to 2,182. The Nasdaq composite is down 8 points, or 0.2 percent, to 5,220.

Oil is up 0.7 percent to $43.78 a barrel in New York. Bond prices are rising and the yield on the 10-year Treasury note fell to 1.50 percent.