Wall Street flat as investors digest inflation data

June 28 - U.S. stocks were muted on Friday after an early rally fizzled as investors digested in-line inflation data, while Nike was set for its steepest one-day fall in over two decades after a gloomy forecast.

Data showed U.S. monthly inflation was unchanged in May, an encouraging development after strong price increases earlier this year raised doubts over the effectiveness of the Federal Reserve's monetary policy. John Kerschner, head of US securitized products at Janus Henderson Investors, said in a note he will focus on Fed officials' comments in the coming weeks to gauge the path of monetary policy.

Some megacaps fell after Treasury yields reversed early losses to inch higher. Meta Platforms , Alphabet , and Amazon.com , fell between 0.84% and 1.55%. As of 02:33 p.m. ET, the Dow Jones Industrial Average , fell 118.99 points, or 0.30%, to 39,045.07. The S&P 500 , lost 9.44 points, or 0.17%, at 5,473.43 and the Nasdaq Composite , fell 37.12 points, or 0.21%, to 17,821.56.

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