By Anora Mahmudova and Barbara Kollmeyer, MarketWatch

Freeport-McMoRan, GameStop among day's big movers

The main U.S. stock-market indexes pulled lower early Friday following two straight days of big gains.

However, they remain on track to finish one of the most tumultuous weeks in recent memory with modest gains. They are in negative territory for the year after a plunge on Monday sent them into correction territory.

The S&P 500 fell 8 points, or 0.4% lower at 1,982. Most of the 10 main sectors were lower, but losses were modest. The Dow Jones Industrial Average dipped 98 points, or 0.3%, to 16,606. The Nasdaq Composite was off 17 points, or 0.4% at 4,797.

Market reaction to consumer spending and inflation (http://www.marketwatch.com/story/core-inflation-eases-in-july-and-moves-further-away-from-feds-target-2015-08-28), both of which ticked up less than expected, was largely muted. Inflation, which has remained below the Federal Reserve's target, is likely to influence policy makers's decision over the rate increases this year.

Investors will look to take their cues from Federal Reserve officials, who are attending the closely watched Jackson Hole summit (http://www.marketwatch.com/story/central-bankers-at-jackson-hole-search-for-answers-on-low-inflation-2015-08-27).

Opinion: A surefire strategy to keep calm and make some money in this crazy market (http://www.marketwatch.com/story/a-surefire-strategy-to-keep-calm-and-make-money-in-this-crazy-market-2015-08-27)

The sharp rebound on Wall Street over the previous two sessions came as investors took comfort from signs China was trying to stabilize its economy and market, and from upbeat U.S. growth data.

Investors also will be keeping a close eye on crude prices Friday. WTI crude for October swung between gains and losses after surging more than 10% on Thursday, driven higher by a report that Venezuela asked the Organization of the Petroleum Exporting Countries to hold an emergency meeting.

Jackson Hole summit: Another potential reason for investor caution is the Jackson Hole central bankers' summit in Wyoming on Friday and Saturday, where key Federal Reserve speakers are due to appear: Fed Vice Chairman Stanley Fischer will talk about inflation developments on Saturday, with Atlanta Fed President Dennis Lockhart and St. Louis Fed President James Bullard to follow later. Here's a schedule of the speakers (http://www.marketwatch.com/story/fischer-carney-to-headline-jackson-hole-summit-2015-08-27).

(http://www.marketwatch.com/story/fischer-carney-to-headline-jackson-hole-summit-2015-08-27)The meeting comes after days of financial-market turmoil have driven some investors to shift their expectations for a U.S. interest-rate hike to December from September.

Opinion: Stocks climbing strongest 'wall of worry' in five years (http://www.marketwatch.com/story/stocks-climbing-strongest-wall-of-worry-in-five-years-2015-08-28)

Economic data:Core inflation moderated in July (http://www.marketwatch.com/story/core-inflation-eases-in-july-and-moves-further-away-from-feds-target-2015-08-28), the government reported Friday, giving the Federal Reserve another reason to hold short-term interest rates steady at their September policy meeting.

Stocks to watch: Share of Freeport-McMoRan Inc. (FCX) jumped 7.5%. Billionaire investor Carl Icahn disclosed a stake in the miner late Thursday (http://www.marketwatch.com/story/carl-icahn-discloses-stake-in-freeport-mcmoran-may-seek-board-seat-2015-08-27), saying the company's shares are undervalued, according to a filing.

GameStop Corp. (GME) shares plunged 8% following a very bearish analyst note and downgrade on the company's stock by Benchmark.

Chinese gains tempered:The Shanghai Composite Index (http://www.marketwatch.com/story/asian-markets-ride-tide-of-strong-us-growth-2015-08-28), which has been heavily influential at times for global equities this week, climbed 5.4%. Analysts voiced suspicions on Friday the government was buying stocks to boost the index, which ended a roller-coaster week down 8%.

European stocks (http://www.marketwatch.com/story/europe-stocks-pull-back-as-volatile-week-nears-an-end-2015-08-28) wavered on Friday, with the Stoxx Europe 600 index down 0.4% and set for a small loss to end the week. Gold prices rose marginally, while the dollar held largely steady.

 

Subscribe to WSJ: http://online.wsj.com?mod=djnwires

(END) Dow Jones Newswires

August 28, 2015 10:26 ET (14:26 GMT)

Copyright (c) 2015 Dow Jones & Company, Inc.