US stocks open lower with PCE price index rising

By Ovunc Kutlu

ANKARA (AA) - US stock market opened lower Friday with personal consumption expenditures (PCE) price index showing an increase in June.

The Dow Jones was down 8 points to 35,076 at 9.55 a.m. EDT, while the S&P 500 fell 12, or 0.3%, to 4,407 with general Electric sliding 1.1%.

The Nasdaq declined 80 points, or 0.54%, to 14,698 as Amazon shares plummeted 6.9% as revenue increase came less than the same period of last year.

The e-commerce firm announced late Thursday its revenue rose 27.2% in the second quarter, which came much lower than the 41% increase in the second quarter of 2020.

The yield on 10-year US Treasury notes decreased 2.1% to 1.242, and the VIX volatility index, known as the fear index, was down 0.8% to 17.55.

The dollar index, on the other hand, was up 0.1% to 91.96.

Precious metals reversed course from the previous day's gains as gold fell 0.2% to $1,824 per ounce and silver was flat at $25.5.

PCE price index, the Federal Reserve’s preferred inflation indicator, increased 0.5% in June. Core PCE price index, excluding food and energy, rose 0.4% from the previous month. Year-on-year, they were up 4% and 3.5%, respectively.