Stocks Opened Slightly Lower after Economic Data

U.S. stocks opened slightly lower on Friday, after inflation and personal spending data. The Dow Jones Industrial Average lately fell 40.11 points, or 0.19%, to 20,688.38. The S&P 500 dropped 1.52 points, or 0.06%, to 2,366.54. The Nasdaq Composite lost 4.28 points, or 0.07%, to 5,910.07.

The rate of inflation in consumer goods and services topped 2% in February for the first time since 2012, a trend that could lead to higher borrowing costs for households and businesses unless it abates soon.

The Commerce Department said on Friday consumer spending, which accounts for more than two-thirds of U.S. economic activity, edged up 0.1 percent. That was the smallest gain since August and followed an unrevised 0.2 percent rise in January.

U.S. oil futures prices moderated early Friday on the heels of a second-straight jump, as investors weighed last week’s slowdown in domestic inventory growth and renewed hopes producers may extend recent output cuts. Light, sweet crude futures for delivery in May recently traded at $50.03 a barrel, down 36 cents, or 0.7%. May Brent oil shed 26 cents, or 0.5%, to $52.87.