US Markets Today: S&P 500, Nasdaq Open Lower Amid Uptick In Key Inflation Measure

The S&P 500 and tech-heavy Nasdaq Composite opened in the red on Friday, while Dow Jones Industrial Average opened flat after inflation data revealed that core PCE, a key inflation measure, has risen 2.9% in the month of July, indicating further risks.

S&P 500 was trading 0.22% or 14.35 points lower at 6,487.51, Nasdaq dipped 0.37% or 79.67 points to 21,625.49, and Dow Jones opened flat, later declining 0.14% or 65.85 points to 45,751.

In the early minutes of trading, sectoral indices were trading mixed while six of the 11 sectoral indices were trading in green, five slipped. The Energy sector and Consumer Staples were leading the gains while Information Technology and Industrials sector led the decline.

Domino's Pizza Inc, Autodesk Inc., Edison International were among the top gainers. On the other hand, Dell Technologies Inc., Ultra Beauty Inc., and Vistra Corp. were among the lead decliners.

As the US market opened, spot gold rose 0.53% to $3,435.80 an ounce. Crude oil prices fell, with Brent trading 0.60% lower at $67.58 per barrel.

The Bloomberg Dollar Index rose 0.2%, with the British Pound falling 0.4% to $1.3458, while the Japanese yen was down 0.2% at 147.26 per dollar.

Bitcoin, the largest traded cryptocurrency, fell 1.5% to $110,271.04