U.S. stocks open lower with S&P 500, Nasdaq heading to third straight week of losses after PCE data

U.S. stock indexes opened lower after the Federal Reserve's preferred measure of inflation continued to cool off in November but failed to quell expectations the central bank will continue to aggressively tighten policy in 2023. The S&P 500 declined 0.3%, on pace to book a weekly loss of 1.1%, while the Nasdaq Composite shed 0.8%, losing 2.9% this week. The Dow Jones Industrial Average dropped 103 points, or 0.3%, to 32,939, attempting to book a weekly gain of 0.2%. The Personal Consumption Expenditures price index, or PCE, rose 5.5% in November from a year earlier and 0.1% from the previous month, the Commerce Department reported Friday.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.