The S&P 500 and Dow Jones Industrial Average started on a muted note on Friday, as the Consumer Price Index data failed to turn the sentiment positive at the Wall Street.
Tech-heavy Nasdaq Composite opened 0.11% lower at 22,567.07 dragged by IT stock selloff, while S&P 500 and Dow Jones opened flat at 6,836.49 and 49,443.18.
As of 10:10 a.m. EST, S&P and Dow traded 0.05% and 0.14% lower at 6,829.62 and 49,526.93, while Nasdaq traded 0.25% lower at 22,540.79.
The CPI is a core indicator of inflation in an economy. According to the latest data, inflation is in-line with the expectations. The retail prices saw a 0.3% rise from December, the most since August, according to Bureau of Labor Statistics data.
Major IT stocks like Nvidia Corp., Apple Inc., and Google-parent Alphabet Inc. fell in the early minutes of trade. As of 10:10 a.m. EST, Nvidia traded 2% lower at $183.32, Alphabet fell 0.7% lower to trade at $306.94, Apple traded 0.85% lower at $259.68, and Amazon.com Inc. traded at $198.26, 0.77% lower.
After the US market opened, six out of the 11 sectoral indices traded in the red while five traded in the green. Of these, Communication Services sector and Financial sector led the decline, and Healthcare sector and Utilities sector led the gains.
In the commodities basket, spot gold rose to trade 1.49% higher at $4,995.39 an ounce while crude oil prices fell. The West Texas Intermediate traded 0.21% lower at $62.71 a barrel, and global benchmark brent crude traded 0.40% lower at $67.25 a barrel.
Most global currencies were little changed along with Bloomberg Dollar Spot Index. the Japanese Yen traded at 152.89 per dollar, British Pound traded at $1.3632, and the euro traded at $1.1866.
Bitcoin, the largest traded cryptocurrency, rose 2.2% to $67,240.88.
ALSO READ: US Core CPI Rises As Expected In January On Services Costs
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