By: Agence France-Presse
Wall Street stocks dipped early Friday following data that showed wholesale inflation increasing more than expected.
Producer prices rose by 0.3 percent from June to July, after a flat reading in the month before, according to the Labor Department.
The figures could boost the odds of additional Federal Reserve interest rate hikes. Analysts also pointed to broad investor sentiment that the stock market is due for a pullback after major gains in the first seven months of 2023.
About 25 minutes into trading, the Dow Jones Industrial Average was down 0.1 percent at 35,136.52.
The broad-based S&P 500 dropped 0.5 percent to 4,448.31, while the tech-rich Nasdaq Composite Index tumbled 0.8 percent to 13,622.10.
Chip companies were also under pressure early Friday, with Nvidia, Micron Technology and Advanced Micro Devices all down around two percent or more.