NEW YORK (AP) - Disappointing news on consumer spending and income nudged the stock market lower Friday.
NEW YORK (AP) — Disappointing news on consumer spending and income nudged the stock market lower Friday.
Major indexes are heading toward their deepest monthly losses in more than a year.
A half hour after the opening bell, the Standard & Poor's 500 index was down two points, or 0.2 percent, to 1,635.
Six of the 10 industries in the S&P 500 fell, led by retail stores and other consumer-discretionary companies.
The Dow Jones industrial fell 26 points, or 0.2 percent, to 14,814, while the Nasdaq composite was off 15 points, or 0.4 percent, to 3,606.
The Commerce Department said Friday that Americans' income and spending barely rose in July. Both increased just 0.1 percent. The scant rise suggests economic growth is off to a weak start in the July-September quarter. It follows other reports showing steep drops in orders for long-lasting manufactured goods and new-home sales in July.
August is also shaping up to be the market's worst month since May 2012. The S&P 500 has lost 3 percent this month. If that holds through the end of Friday, it would be the index's biggest loss since May 2012, when it dropped 6.3 percent.
The month started off on a high note. On Aug. 2, news that unemployment fell to its lowest level in more than four years helped lift the S&P 500 index to a record high of 1,709.67. At that point, the index had surged 6 percent in a month.
In other trading, crude oil fell 93 cents, or 1 percent, to $107.86 a barrel and gold dropped $17.80, or 1 percent, to $1,395.
In the government bond market, the yield on the 10-year Treasury note edged up to 2.77 percent from 2.76 percent late Thursday.
The market will be closed Monday for the Labor Day holiday.