Stocks Edged Lower at Open after Economic Data

U.S. stocks edged lower at open on Friday, as investors digested economic data. The Dow Jones Industrial Average lately fell 100.76 points, or 0.36%, to 27,795.96. The S&P 500 lost 7.66 points, 0.23%, to 3,365.77. The Nasdaq Composite was down 6.86 points, or 0.06%, to 11,035.64.

Oil futures traded near unchanged Friday, with analysts pointing to renewed jitters over the outlook for demand after three major forecasters — the Organization of the Petroleum Exporting Countries, the International Energy Agency and the U.S. Energy Information Administration— this week offered downbeat outlooks. West Texas Intermediate crude for September delivery was unchanged at $42.24 a barrel, while October Brent crude was down 2 cents at $44.94 a barrel.

U.S. factory output increased more than expected in July, boosted by a surge in motor vehicle production. The Federal Reserve said on Friday manufacturing production rose 3.4% last month after advancing 7.4% in June.

U.S. productivity rose at a 7.3% rate in the second quarter, the largest quarterly increase since 2009. Labor costs also jumped, rising 12.2%.

Retail sales rose 1.2% in July, the government said Friday, restoring sales to pre-pandemic levels. Excluding autos and gasoline, sales rose 1.5%.