Wall Street today: S&P 500, Dow Jones, Nasdaq edge lower after inflation data

Wall Street stock indices edged lower on Friday after the Federal Reserve-preferred inflation data stoked concerns of tariffs feeding into consumer prices.

As of 12:30 PM Eastern Time, the S&P 500 was down 0.7%, the Dow Jones Industrial Average shed 0.4%, and the Nasdaq Composite was 1.2% lower

At 09:43 a.m. ET, the Dow Jones Industrial Average fell 45.36 points, or 0.10%, to 45,591.54, the S&P 500 lost 20.03 points, or 0.30%, to 6,482.34 and the Nasdaq Composite lost 134.63 points, or 0.62%, to 21,570.53.

At the opening bell, the Dow Jones Industrial Average fell 45.9 points, or 0.10%, to 45,590.96. The S&P 500 fell 12.6 points, or 0.19%, to 6,489.28, while the Nasdaq Composite dropped 74.8 points, or 0.34%, to 21,630.326.

The US Commerce Department said on Friday Personal Consumption Expenditures (PCE) Price Index rose 0.2% in July as compared to the unrevised 0.3% in June.

In the 12 months through July, the PCE inflation rose 2.6% after climbing 2.6% in June.

In the bond market, the yield on the 10-year Treasury rose to 4.23% from 4.21%. The yield on the 2-year Treasury was steady at 3.63%.

Gainers and Losers

Stocks of personal computer maker Dell and chipmaker Marvell tumbled 14.4% and 6.4% after their quarterly forecasts missed Wall Street expectations.

Nvidia shares declined 2.7%, Broadcom dropped 2.7% and and Oracle was 3.6% lower.

Caterpillar stock fell 3.1% after the company raised its annual estimate for tariff-related costs.

Autodesk shares jumped 11.2% after the design software company raised its annual results forecasts.

Oil prices dropped on Friday but set for a weekly gain.

US crude fell 0.33% to $64.39 a barrel and Brent was at $68.24 per barrel, down 0.55% on the day.

Bullion

Gold prices were steady on Friday as US PCE inflation data reinforced hopes for the Fed interest rate cut next month.

As of 10:20 AM ET (14:20 GMT), spot gold was up 0.5% at $3,433.99 per ounce. US gold futures for December delivery rose 0.7% to $3,497.30.

Among other metals, spot silver added 0.2% to $39.14 per ounce. Platinum fell 0.9% to $1,347.77, while palladium was also down 0.9% at $1,092.18.