File photo: Flags outside the New York Stock Exchange, June 29, 2024. Kidfly182 / Wikimedia Commons / CC BY 4.0 (cropped and resized).
U.S. stocks gave up their opening gains Friday morning, with the Nasdaq Composite leading the decline as the first hour of trading unfolded.
At 10:20 a.m. Eastern, the technology-heavy Nasdaq was down 1.68%, the S&P 500 had fallen 1.14% and the Dow Jones Industrial Average was 0.49% lower, according to cash-index quotes. All three had started the regular session above Thursday’s closing levels.
From a higher open to early losses
The Dow opened at 52,490.68, the S&P 500 at 7,616.85 and the Nasdaq Composite at 25,408.00. Those were the opening readings, not futures prices or the later morning quotes.
| Index | Thursday close | 10:20 a.m. | Change points / % |
|---|---|---|---|
| Dow Jones | 52,297.09 | 52,042.99 | -254.10 -0.49% |
| S&P 500 | 7,592.40 | 7,506.20 | -86.20 -1.14% |
| Nasdaq Composite | 25,366.09 | 24,939.50 | -426.59 -1.68% |
The readings are a snapshot, not final prices. Quotes can change while this report is being read. Opening and previous-close figures are from the provider’s Dow, S&P 500 and Nasdaq Composite quote pages; the 10:20 a.m. readings come from its live quote table.
Wholesale prices rose more slowly for the month
Before trading began, the Bureau of Labor Statistics reported that producer prices rose 0.3% in October after a 1.4% increase in September. Over the year, however, prices were up 6.5%, the largest annual increase since November 2022.
The two comparisons describe different things: October’s monthly increase slowed, while the total rise over the past year grew. The report measures prices received by producers, not the same basket of purchases used to measure consumer inflation.
Goods prices rose 0.5% for the month and services prices rose 0.2%. Food prices increased 1.3%, while energy prices edged down 0.1%, according to the report.
The early stock-market reversal leaves investors with a weaker picture than the opening bell suggested. For retirement accounts and other stock investments, the opening price alone does not show how the day is developing. Friday’s final result will not be known until trading ends.
JBizNews Desk | New York
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