(Sharecast News) - Major indices were mixed early on Friday as market participants digested another key inflation report.
As of 1515 GMT, the Dow Jones Industrial Average was up 0.29% at 52,448.00, while the S&P 500 shed 0.11% to 7,584.15 and the Nasdaq Composite out of the gate 0.37% weaker at 25,272.71.
The Dow opened 150.91 points higher on Friday, almost reversing losses recorded in the previous session after the resignation of Nvidia's influential chief executive Jensen Huang rattled nerves across the tech sector, though downside was limited by strong performances from rival chipmakers.
Friday's primary focus was set to be October's producer price index, which revealed US wholesale prices rose slightly less than expected in October, according to the Bureau of Labor Statistics. The producer price index for final demand increased 0.3% on a seasonally adjusted basis last month, cooling sharply from September's 1.4% jump and coming in below consensus estimates for a 0.4% gain. However, on an unadjusted annual basis, headline PPI accelerated 0.2 percentage points to 6.5% - the highest 12-month rate since November 2022. Core PPI, which strips out volatile food and energy costs, rose 0.3% month-on-month, matching expectations, while the index excluding food, energy, and trade services climbed 0.5% for the second straight month, leaving it up 4.9% year-on-year.
Leading October's headline advance, final demand goods rose 0.5%, driven by a 1.3% jump in food prices and a 3.9% surge in basic organic chemicals, which more than offset a 7.9% drop in diesel fuel. Final demand services edged up 0.2% for a fifth consecutive monthly gain, underpinned by a 3.9% increase in truck freight transport. The data lands just weeks before the Federal Open Market Committee's December meeting, where markets have fully priced in a 25-basis-point interest rate hike alongside slight odds of a 50-basis-point move.
Oil prices were also drawing an amount of investor attention at the open, with Brent crude up 0.51% at $96.31 a barrel and West Texas Intermediate advanced 0.29% to $89 a barrel after Donald Trump said "We don't need a deal with Iran", raising concerns that the US and Israel's conflict with Iran could drag on further.
No major corporate earnings were scheduled for release on Friday.
Reporting by Iain Gilbert at Sharecast.com
Dow Jones - Risers
Coca-Cola Co. (KO) $98.64 1.16%
Visa Inc. (V) $425.48 1.03%
Apple Inc. (AAPL) $360.01 0.95%
American Express Co. (AXP) $320.77 0.91%
Walt Disney Co. (DIS) $119.28 0.85%
Nike Inc. (NKE) $38.08 0.77%
International Business Machines Corporation (CDI) (IBM) $246.14 0.75%
Procter & Gamble Co. (PG) $169.60 0.73%
Chevron Corp. (CVX) $217.76 0.69%
Johnson & Johnson (JNJ) $285.95 0.69%
Dow Jones - Fallers
Cisco Systems Inc. (CSCO) $96.59 -3.57%
Intel Corp. (INTC) $58.78 -2.39%
Dow Chemical Co. (DOW) $32.81 -1.00%
Caterpillar Inc. (CAT) $600.35 -0.92%
Merck & Co. Inc. (MRK) $146.24 -0.89%
Amgen Inc. (AMGN) $466.40 -0.88%
Home Depot Inc. (HD) $345.23 -0.88%
Boeing Co. (BA) $170.31 -0.39%
Microsoft Corp. (MSFT) $521.11 -0.20%
3M Co. (MMM) $186.24 -0.08%
S&P 500 - Risers
Hilton Inc (HLT) $376.53 3.49%
Apache Corp. (APA) $47.99 3.39%
Diamondback Energy Inc. (FANG) $184.96 3.15%
Autodesk Inc. (ADSK) $265.88 2.78%
Adobe Systems Inc. (ADBE) $241.57 2.72%
Apartment Investment & Management Co. (AIV) $1.48 2.43%
Take-Two Interactive Software Inc. (TTWO) $230.67 2.28%
Alphabet Inc. Class A (GOOGL) $300.67 2.23%
Tyson Foods Inc. (TSN) $60.35 2.08%
Molson Coors Beverage Co. Class B (TAP) $40.31 2.07%
S&P 500 - Fallers
Coterra Energy Inc. (CTRA) $32.56 -8.62%
Advanced Micro Devices Inc. (AMD) $539.04 -4.82%
Hewlett Packard Enterprise (HPE) $47.97 -4.54%
Applied Materials Inc. (AMAT) $365.00 -4.44%
Broadcom Inc. (AVGO) $344.92 -4.24%
United Airlines Holdings Inc (UAL) $111.21 -3.78%
Cisco Systems Inc. (CSCO) $96.50 -3.57%
Corning Inc. (GLW) $114.44 -3.50%
Equity Residential (EQR) $63.66 -3.50%
DENTSPLY Sirona Inc. (XRAY) $9.31 -3.47%
Nasdaq 100 - Risers
Autodesk Inc. (ADSK) $265.88 2.78%
Adobe Systems Inc. (ADBE) $241.57 2.72%
Workday, Inc. (WDAY) $193.37 2.53%
Take-Two Interactive Software Inc. (TTWO) $230.67 2.28%
Alphabet Inc. Class A (GOOGL) $300.67 2.23%
Charter Communications Inc. (CHTR) $136.03 2.05%
Intuit Inc. (INTU) $345.33 2.04%
Alphabet Inc. Class C (GOOG) $297.27 1.94%
Check Point Software Technologies Ltd. (CHKP) $146.29 1.42%
Verisk Analytics Inc. (VRSK) $209.96 1.38%
Nasdaq 100 - Fallers
Qvc Group Inc Series A (QVCGA) $0.34 -13.49%
Applied Materials Inc. (AMAT) $365.00 -4.44%
Broadcom Inc. (AVGO) $344.92 -4.24%
Cisco Systems Inc. (CSCO) $96.50 -3.57%
DENTSPLY Sirona Inc. (XRAY) $9.31 -3.47%
American Airlines Group (AAL) $13.35 -3.44%
QUALCOMM Inc. (QCOM) $171.18 -3.38%
Regeneron Pharmaceuticals Inc. (REGN) $950.47 -2.99%
KLA-Tencor Corp. (KLAC) $151.70 -2.90%
Dollar Tree Inc (DLTR) $137.68 -2.88%