Dow Jones Slides On Hot Inflation Data; Cathie Wood Sells Nearly $19 Million In Tesla Stock

The Dow Jones Industrial Average briefly dropped 100 points Friday before reversing higher as investors digested the early release of the Labor Department’s Producer Price Index, another closely watched inflation gauge. Tech stocks were under early selling pressure, as chip stocks and China-based names weighed on Nasdaq 100 futures. Meanwhile, Cathie Wood’s Ark Invest ETFs sold more than 76,000 shares of Tesla stock. X PPI figures showed wholesale prices in July rose 0.3%, with an annual increase of 0.8%. Both came in hotter than estimates. Core prices, excluding food and energy, moved up 0.3% from June, with a 2.4% year-over-year…