Stocks Opened Lower amid Italy Turmoil

U.S stocks opened slightly lower on Friday, as a budget-inspired rout in Italian bonds weighed on global equity markets. The Dow Jones Industrial Average lately shed 15.08 points, or 0.06%, to 26,424.85. The S&P 500 fell 2.71 points, or 0.09%, to 2,911.29. The Nasdaq Composite was off 20.47 points, or 0.25%, to 8,021.50.

Oil prices rose Friday morning on growing signs of a global supply deficit, with crude holding on to four-year highs. November West Texas Intermediate crude ticked 2 cents, or less than 0.1%, higher to $72.14 a barrel. November Brent picked up 23 cents, or 0.3%, to $81.61 a barrel.

U.S. consumer spending increased steadily in August. The Commerce Department said on Friday consumer spending, which accounts for more than two-thirds of U.S. economic activity, rose 0.3 percent last month after an unrevised 0.4 percent gain in July.

The MNI Chicago Business Barometer, also known as Chicago PMI, fell to a five-month low of 60.4 in September, down 3.2 points from August’s 63.6.

Italy’s antiestablishment government agreed to a 2019 deficit projection of 2.4% of gross domestic product, delivering a budget proposal that is likely to draw the ire of the European Union.

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