Stocks Opened Slightly Lower after Retail Sales and Inflation Data

U.S. stocks opened slightly lower on Friday as weaker-than-expected data on retail sales and inflation pointed to an uncertain economic environment. The Dow Jones industrial average lately fell 29.51 points, or 0.14%, to 20,889.91. The S&P 500 was down 3.91 points, or 0.16%, to 2,390.53. The Nasdaq composite was off 1.10 points, or 0.02%, to 6,114.86.

Oil prices on Friday were on track for their biggest weekly gain in five weeks, helped by expectations of an extension of OPEC-led output cuts and buoyed by falling U.S. crude inventories. Benchmark Brent was trading 5 cents higher at $50.82 per barrel at 1141 GMT, on target for a 3.5 percent rise on the week. U.S. light crude oil was up 2 cents at $47.85.

U.S. consumer prices rebounded in April, bolstering the Federal Reserve’s case for continued interest rate hikes. The consumer price index rose a seasonally adjusted 0.2% in April because of higher energy costs, the Labor Department said Friday.

J.C. Penney Co. posted revenue of $2.71 billion in the quarter that ended April 29, missing the average $2.77 billion projection of analysts. It did report a surprise profit of 6 cents a share, excluding some items. Same-store sales slid 3.5 percent last quarter, the department store company said Friday.

Nordstrom Inc on Thursday became the latest department store operator after Macy’s and Kohl’s to report weaker-than-expected quarterly same-store sales. It reported a 0.8 percent decline in its comparable-store sales for the first quarter ended April 29.

The United States and China have agreed to take action by mid-July to increase access for U.S. financial firms and expand trade in beef and chicken among other steps as part of Washington’s drive to cut its trade deficit with Beijing.