US stocks edge lower on inflation data

Benchmark US indices closed lower on Friday, September 10, after broad losses across stock segments and the latest economic data showed inflation rose marginally in August.

The S&P 500 was down 0.77% to 4,458.58. The Dow Jones fell 0.78% to 34,607.72. The NASDAQ Composite shed 0.87% to 15,115.49, and the small-cap Russell 2000 was down 0.96% to 2,227.55.

The Producer Price Index, an important gauge to measure inflation, rose 0.7% in August after rising by 1% in the past two consecutive months. According to the Labor Department, it was the highest 12-month jump since November 2010. Fed chief Jerome Powell had earlier said the current inflation is transitory due to a bottleneck in supply chains.

Healthcare and utilities stocks were the bottom movers, while materials and energy stocks were the gainers on the S&P 500 Friday. Seven of the 11 index segments ended in the negative territory.

Stocks of Affirm Holdings, Inc. (AFRM) surged 34.64% after reporting strong quarterly earnings on Thursday. Its revenue rose by 71% YoY to US$261.8 million in Q4, FY21.

Stocks of Take-Two Interactive Software, Inc. (TTWO) declined 1.35%. The Kroger Co. (KR) stocks fell 7.13% after it said supply constraints and rising freight costs might hit its profits. The company reported its Q2 earnings on Friday.

Apple Inc. (AAPL) stocks dropped 3.31% after a federal judge ordered the company to change the way it operates the app store. In healthcare stocks, UnitedHealth Group Incorporated (UNH) fell 1.86%, Novartis AG (NVS) declined by 1.12%, and Medtronic plc (MDT) fell 1.69%.

In the basic material sector, BHP Group (BHP) increased by 1.09%, Rio Tinto Group (RIO) surged 2.21%, and The Sherwin-Williams Company rose 1.78%. Freeport-McMoRan Inc. (FCX) and Southern Copper Corporation (SCCO) advanced 2.51% and 3.52%, respectively.

In energy stocks, PetroChina Company Limited (PTR) increased by 3.21%, China Petroleum & Chemical Corporation (SNP) rose 1.52%, and Equinor ASA (EQNR) gained 1.52%. BP plc (BP) and The Williams Companies, Inc. surged 0.90% and 1.01%, respectively.

Also Read: US airlines stare at a 24-28% revenue drop as Delta variant rages

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Also Read: Why did Camber (CEI), Sonim (SONM) stocks fly high on Friday?

Top Gainers

Top performers on S&P 500 included Nov Inc (2.91%), United Parcel Service Inc (2.25%), General Motors Co (2.21%), Activision Blizzard Inc (2.04%). On NASDAQ, top performers were Iveric Bio Inc (62.49%), Echo Global Logistics Inc (52.30%), Farmmi Inc (34.41%), Affirm Holdings Inc (34.37%). On Dow Jones, Intel Corp (0.82%), Mcdonald's Corp (0.24%), Dow Inc (0.22%), Nike Inc (0.15%) were the leaders.

Top Losers

Top laggards on S&P 500 included Kroger Co (-7.50%), American Airlines Group Inc (-6.19%), Penn National Gaming Inc (-4.91%), United Airlines Holdings Inc (-4.81%). On NASDAQ, Kaival Brands Innovations Group Inc (-46.33%), Mersana Therapeutics Inc (-39.12%), Apellis Pharmaceuticals Inc (-37.19%), Virpax Pharmaceuticals Inc (-25.59%). On Dow Jones, Apple Inc (-3.31%), UnitedHealth Group Inc (-2.22%), Walgreens Boots Alliance Inc (-2.21%), Boeing Co (-1.70%) were the laggards.

Volume Movers

Top volume movers were Apple Inc (27.17M), American Airlines Group Inc (10.19M), Bank of America Corp (8.92M), Iveric Bio Inc (24.36M), Farmmi Inc (23.34M), Endo International PLC (16.29M), Zynga Inc (11.42M), Affirm Holdings Inc (9.70M), Vinco Ventures Inc (9.63M), Sonim Technologies Inc (9.58M).

Also Read: Five utility stocks catching the attention of investors

Futures & Commodities

Gold futures were down 0.62% to US$1,788.90 per ounce. Silver decreased by 1.64% to US$23.780 per ounce, while copper rose 3.26% to US$4.4250.

Brent oil futures increased by 2.00% to US$72.88 per barrel and WTI crude was up 2.27% to US$69.69.

Bond Market

The 30-year Treasury bond yields was up 1.83% to 1.934, while the 10-year bond yields rose 3.29% to 1.343.

                 

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US Dollar Futures Index increased by 0.19% to US$92.655.

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