Stock Market Today: Wall Street Moves Further Away From Records Amid Inflation Concerns | National News

Shares fell in early trading, moving further away from a record high hit earlier this week. The S&P 500 fell 0.5% on Friday. The Dow Jones Industrial Average fell 53 points, or 0.1%, and the Nasdaq fell 0.7%. Yields on government bonds rose slightly on the bond market. Adobe slumped after giving investors a weak sales forecast. Investors are capping a week of wide-ranging economic reports that showed inflation remains higher than expected despite a general slowdown. The reports have raised concerns about the Federal Reserve's next interest rate move, although Wall Street still sees potential for a rate cut in June.

This is a recent update. `'s earlier story follows below.

Wall Street posted small gains in early trading on Friday as markets look to end another week of ups and downs in the positive.

Futures for the S&P 500 and the Dow Jones Industrial Average each rose less than 0.2% before the session.

Markets have fluctuated between small gains and losses this week on a mix of mixed economic data.

Inflation at the wholesale level was slightly higher than economists expected last month, according to a report. This is the latest in a string of worse-than-forecast inflation data, dashing earlier hopes that the Federal Reserve could begin cutting interest rates at its meeting next week.

Other reports released Thursday also showed some weakening in the economy, maintaining hopes that the long-term inflation trend remains declining and that the Fed will cut interest rates three times this year starting in June.

Fed officials will provide their latest forecasts for where interest rates will head this year on Wednesday, following their final policy meeting.

In over-the-counter stock trading, software maker Adobe fell 11.2% after issuing muted forecasts despite beating Wall Street's sales and profit targets.

It was a similar story for Ulta Beauty, the beauty retailer that beat analysts' sales and profit forecasts but issued guidance that left investors wanting. Its shares fell 7.2% in premarket trading on Friday.

In Europe, Germany's DAX rose 0.4% at midday, London's FTSE 100 rose less than 0.1% and in Paris the CAC 40 rose 0.6%.

In Asian trading, the Nikkei 225 in Tokyo fell 0.3% to 38,707.64.

Shares of automakers Honda and Nissan rose ahead of an announcement that the two companies will collaborate on electric vehicles and car intelligence technology. Honda Motor Co. rose 1.7%, while Nissan Motor Co. rose 3.2%.

In South Korea, the Kospi fell 1.9% to 2,666.84.

Hong Kong's Hang Seng fell 1.4% to 16,720.89 after reports that property prices have continued to fall since February. The Shanghai Composite Index rose 0.3% to 3,054.64.

China's market regulator announced that regulators will tighten standards for listed companies.

“There is still a gap between the quality of listed companies and the requirements for high-quality economic and social development and investors' expectations,” the China Securities Regulatory Commission said in an online notice.

Australia's S&P/ASX 200 fell 0.6% to 7,670.30.

In the bond market, Treasuries stabilized somewhat after Thursday's rise, with the 2-year holding at 4.69% and the 10-year falling to 4.27% from 4.29%.

In other trading early Friday, U.S. benchmark crude oil lost 47 cents to $80.79 a barrel in electronic trading on the New York Mercantile Exchange. Brent crude, the international standard, lost 45 cents to $84.97 a barrel.

The US dollar rose to 148.67 Japanese yen from 148.32 yen. The euro rose from $1.0884 to $1.0891.

On Thursday, the S&P 500 fell 0.3% and the Dow Industrials lost 0.4%. The Nasdaq Composite closed down 0.3%.

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