WASHINGTON (dpa-AFX) - Stocks have moved mostly lower during trading on Friday, giving back ground after trending higher over the past few sessions. The major averages have all moved to the downside, with the tech-heavy Nasdaq showing a particularly steep drop.
Currently, the major averages are off their lows of the session but still firmly negative. The Nasdaq is down 259.36 points or 1.2 percent at 21,445.80, the S&P 500 is down 47.98 points or 0.7 percent at 6,453.88 and the Dow is down 188.27 points or 0.4 percent at 45,448.63
The weakness on Wall Street may partly reflect profit taking, as some traders look to cash in on the recent strength in the markets.
While trading has been somewhat choppy over the past few sessions, the S&P 500 managed to end Thursday's trading at a new record closing high.
Meanwhile, traders have seemingly shrugged off a typically closely watched Commerce Department report showing U.S. consumer prices increased in line with estimates in the month of July.
The data has increased confidence the Federal Reserve will lower interest rates next month, but a September rate cut may already be priced into the markets.
The Commerce Department said its personal consumption expenditures (PCE) price index rose by 0.2 percent in July after climbing 0.3 percent in June. The uptick matched expectations.
The annual rate of growth by the PCE price index in July came in unchanged from June at 2.6 percent, which was also in line with estimates.
Excluding food and energy prices, the core PCE price index rose by 0.3 percent in July, matching the increase seen in June as well as expectations.
The annual rate of growth by the core PCE price index ticked up to 2.9 in July from 2.8 percent in June. The slight acceleration also matched estimates.
Traders are also keeping an eye on developments in Washington, D.C., where a District Court Judge is holding a hearing on Federal Reserve Governor Lisa Cook's request to temporarily block President Donald Trump's attempt to remove her from her position.
Sector News
Semiconductor stocks have shown a substantial move to the downside on the day, dragging the Philadelphia Semiconductor Index down by 3.1 percent.
Considerable weakness is also visible among computer hardware stocks, with the NYSE Arca Computer Hardware Index tumbling by 2.2 percent after ending the previous session at a record closing high.
Dell Technologies (DELL) has helped lead the sector lower, plunging by 8.8 percent after reporting better than expected second quarter results but providing disappointing guidance.
Brokerage, networking and software stocks have also moved notably lower, while gold stocks are bucking the downward trend amid an increase by the price of the precious metal.
Other Markets
In overseas trading, stock markets across the Asia-Pacific region turned in a mixed performance during trading on Friday. Japan's Nikkei 225 Index dipped by 0.3 percent, while China's Shanghai Composite Index increased by 0.4 percent.
Meanwhile, the major European markets have all moved to the downside on the day. While the French CAC 40 Index is down by 0.4 percent, the German DAX Index is down by 0.3 percent and the U.K.'s FTSE 100 Index is down by 0.1 percent.
In the bond market, treasuries are giving back ground after trending higher over the past few sessions. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is up by 1.9 basis points at 4.226 percent.
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