Stock market news today: Inflation data sends stocks lower for the week

US stocks were mixed on Friday and finished the week mostly lower as investors digest inflationary data, which will serve as a major input into the Federal Reserve's next interest rate decision in September.

The July consumer price index came in lower than economist estimates and showed a continued cooldown in inflation, while July producer price index came in hotter than economist estimates, though it did indicate most prices are falling from year-ago levels. Despite the conflicting data, investors still expect the Federal Reserve to pause their interest rate hikes at their September FOMC meeting, according to the CME FedWatch Tool. But that doesn't mean interest rate hikes are over, as the Fed is still awaiting the August CPI and jobs report to inform its decision.

"The increase in wholesale prices serves as a reminder that the data-dependent Fed isn't ready to declare victory on its campaign to quell inflation," LPL's chief global strategist Quincy Krosby said."Today's report offers the hawkish wing of the Fed more ammunition to advocate for another rate hike before the Fed is convinced it's reached its terminal rate."

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