Wall Street today: US stocks flat after consumer sentiment report

US stocks pared losses to trade flat on Friday after a report showed consumer sentiment rose in August.

At 11:31 a.m. ET, the Dow Jones Industrial Average fell 4.90 points, or 0.01 per cent, to 40,558.16, the S&P 500 lost 4.03 points, or 0.06 per cent, to 5,539.67 and the Nasdaq Composite lost 22.52 points, or 0.13 per cent, to 17,571.98.

In the early trading session, the three major indices had fallen after weak housing starts data showed that the real estate market remained depressed in July.

At 9:35 a.m. ET, the Dow Jones Industrial Average fell 53.74 points, or 0.13 per cent, to 40,509.32, the S&P 500 lost 12.63 points, or 0.23 per cent, to 5,530.59 and the Nasdaq Composite lost 52.02 points, or 0.30 per cent, to 17,542.48.

At the opening bell, the Dow Jones Industrial Average fell 34.2 points, or 0.08 per cent, to 40528.86. The S&P 500 fell 12.7 points, or 0.23 per cent, to 5530.5, while the Nasdaq Composite dropped 78.1 points, or 0.44 per cent, to 17516.404.

Shares of semiconductor equipment maker Applied Materials shed more than 4 per cent after it forecast fourth quarter revenue slightly above Wall Street estimates.

Packaging company Amcor’s stock lost more than 6 per cent after it reported decline in fourth quarter sales.

In the bond market, the yield on the 10-year Treasury fell to 3.88 per cent from 3.92 per cent late on Thursday.

Crude oil

Oil prices tumbled by more than $2 on Friday on China worries.

Brent crude futures were down $1.59, or 2 per cent, at $79.45 per barrel by 1315 GMT, while US West Texas Intermediate crude futures fell $1.71, or 2.2 per cent, to $76.45.

Chinese data on Thursday showed that new home prices fell at the fastest pace in July in nine years, industrial output slowed and unemployment rose.

At a cabinet plenary session on Friday, China's Premier Li Qiang said that great efforts must be made to boost the economy and the country will focus on stimulating consumption, state media reported.

Bullion

Gold prices rose to an all-time high on Friday on a weaker US dollar, growing expectations for a interest rate cut in September.

Spot gold was up 1.3 per cent to $2,487.66 per ounce by 09:30 a.m. EDT (1330 GMT). US gold futures rose 1.4 per cent to $2,526.40.

Silver fell 0.2 per cent to $28.32 per ounce.