Stock market today: Wall Street opens lower but is still on track for weekly gains

NEW YORK — Stocks are slipping in early trading on Wall Street but not enough to erase the market’s gains for the week. The S&P 500 was down 0.4% in the first few minutes of trading Friday. The Dow edged down 37 points and the Nasdaq composite was off 0.5%. The market mostly rose this week following some healthy indicators on the U.S. economy ahead of the Federal Reserve’s meeting next week, where it’s expected to hold interest rates steady. U.S.

If the strike lasts a long time, dealers could run short of vehicles and prices could rise, impacting a U.S. economy already under strain from elevated inflation. A third report said prices getting paid at the wholesale level rose more last month than economists expected. That could be a discouraging signal for households if the higher-than-expected inflation gets passed on to shoppers at the consumer level.

Late Thursday, the People’s Bank of China said it would cut the reserve requirement for banks by 0.25 percentage points as of Friday, “In order to consolidate the foundation for economic recovery and maintain reasonable and sufficient liquidity.” Arm Holdings jumped 24.7% in their debut on Nasdaq. The strong welcome could be an encouraging signal for the IPO market, which has slowed since the stock market began tumbling early last year on fears about higher interest rates.

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