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NEW YORK (CNN/Money) -
A surprisingly weak read on consumer sentiment from the University of Michigan knocked stocks lower Friday morning. Oil prices near record highs added to the early woes.
The Dow Jones industrial average (down 8.20 to 10,442.43, Charts), the Standard & Poor's 500 (down 1.16 to 1,211.21, Charts) index and the Nasdaq composite (down 2.73 to 2,131.64, Charts) all slipped in the early going.
Shortly after the start of trading, the University of Michigan released its revised reading on August sentiment. The index fell to 89.1 from an initial read of 92.7, well below forecasts, reflecting concerns about higher oil prices.
U.S. light crude oil for October delivery fell 8 cents to $67.41 a barrel in electronic trading Friday.
Oil hit a record trading high of $68 a barrel on Thursday, however, stocks managed to carve out minor gains amid the light volume that is typical of late summer on Wall Street.
Among stock movers, Petco Animal Supplies (down $2.83 to $22.72, Research) slumped after reporting lower quarterly earnings due to higher costs and weaker customer traffic. JPMorgan and Piper Jaffray downgraded the stock in response.
Pixar (down $0.88 to $42.12, Research) slipped on reports that the Securities and Exchange Commission has begun an informal probe into the company regarding the DVD release of "The Incredibles," according to the Wall Street Journal.
Treasury prices were little changed, with the yield on the 10-year note at about 4.15 percent. Treasury prices and yields move in opposite directions.
In currency trading, the dollar was down versus the euro and the yen.
COMEX gold rose 40 cents to $443.50 an ounce.
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