U.S. stocks opened lower on Friday as investors digested the latest inflation data from the Labor Department.
The S&P 500 recently lost 1.6%. The blue-chip industrial Dow fell 1.6%, while the tech-heavy Nasdaq Composite lost 1.7%. All 11 sectors of the S&P 500 were down at the open, down at least 1% across the board.
Futures fell pre-market after new data showed inflation accelerated in May. Read our full summary of Friday’s market here.
Investors awaiting Thursday morning’s inflation data dragged the index lower in the final hour of the session after a relatively modest decline in the index. The S&P 500 closed down 2.4%. The Dow fell 1.9% and the Nasdaq lost 2.7%. All three indexes are poised to end the week lower.
Meanwhile, the 10-year government bond yield rose to 3.041% on Thursday from 3.028% on Wednesday. Yields and bond prices move in opposite directions. The yield was finally 3.088%.
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