S&P 500 AND NASDAQ FALL AS MEGACAPS SLIDE AFTER PRODUCER PRICES DATA

The S&P 500 and Nasdaq fell on Friday as rate-sensitive megacap growth stocks declined after hotter-than-expected producer prices data for July sent U.S. bond yields higher. U.S. producer price index (PPI) climbed 0.8% in the 12 months leading to July, up from a 0.2% rise in the previous month, as costs of services increased. Economists polled by Refinitiv had expected a 0.7% gain.

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