Stock market today: Wall Street opens slighlty higher but is still heading for a losing week

NEW YORK — Stocks are opening modestly higher following Wall Street’s worst day since April. The S&P 500 was up 0.3% in early trading Friday, but it may still be heading for its first losing week in the last five. The Dow Jones Industrial Average was up 101 points, and the Nasdaq composite was up 0.4%. Ross Stores and Deckers Outdoor jumped after reporting solidly better profit than analysts expected.

Stocks broadly began pulling back from record highs earlier in the week on concerns that a strong U.S. economy will prevent the Federal Reserve from cutting interest rates any time soon. More important inflation data comes late next week in the form of the government's consumer spending report, which includes a measure of inflation of particular interest to the Fed and its policymakers.

“In fact, in seasonally-adjusted terms, consumer prices excluding fresh food and energy have now held steady for two consecutive months. That means that it won’t take long before inflation excluding fresh food and energy falls below the Bank of Japan’s 2% target,” Marcel Thieliant of Capital Economics said in a commentary.

A rally in property shares after the announcement of new measures to support the ailing industry has proven short-lived as market players question whether it will be enough to end a prolonged crisis in the housing sector.

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Stock market today: Wall Street stumbles after report shows US growth slowed in the first quarterNEW YORK (AP) — Stocks are tumbling after a report suggesting flagging economic growth and still-high inflation hurt hopes that have kept Wall Street high recently. A sharp drop for Facebook parent Meta Platforms also dragged the market lower.
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Stock market today: Wall Street falls on double dose of disappointing economic data, as Meta sinksNEW YORK (AP) — Stocks closed lower on worries about a potentially toxic cocktail for financial markets, one where inflation remains stubbornly high but the economy’s growth flags.
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Stock market today: Alphabet and Microsoft jump to push Wall Street higherNEW YORK (AP) — Strong gains for Alphabet and Microsoft have the U.S. stock market on track for its first winning week in the last four. The S&P 500 rose 0.6% early Friday.
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