Stocks Opened Lower as Trade Worries Persisted

U.S. stocks opened lower on Friday, as U.S.-China trade tensions continued to keep investors on edge around the world. The Dow Jones Industrial Average lately fell 22.02 points, or 0.08%, to 26,356.17. The S&P 500 decliend 4.70 points, or 0.16%, to 2,933.39. The Nasdaq Composite gave up 21.01 points, or 0.26%, to 8,018.14.

U.S. producer prices increased moderately in July, lifted by a rebound in the cost of energy products, while underlying producer inflation retreated, which could allow the Federal Reserve to cut interest rates again next month.The producer price index for final demand rose 0.2% last month after nudging up 0.1% in June, the government said.

The International Energy Agency lowered its oil CL.1, +3.65% demand forecast, citing weaker prospects for the global economy. Its new forecast lowers 2019 demand growth by 100,000 barrels a day to 1.1 million barrels a day, and its 2020 forecast was lowered by 50,000 barrels a day to 1.3 million barrels a day.

PG&E Corp. reported a $2.6 billion loss for the second quarter as costs from devastating wildfires in 2017 and 2018 and the California utility’s giant’s ongoing bankruptcy wiped out earnings. The loss included a $3.9 billion pre-tax charge for estimated claims related to the fires, the company said in a statement Friday.