Inflation Data Deflate Stocks at the Open

Meanwhile, InBev the Belgian brewer slated to buy Anheuser-Busch (BUD Quote), reported improved earnings and said it expected to increase its profit margins for the remainder of the year.

Garment vendor Urban Outfitters (URBN Quote) also announced growth in second-quarter profits and said same-store sales were swinging upward.

As for commodities, the price of crude oil was falling 69 cents to $115.31 a barrel, and gold was shedding $5.80 to $825.70 an ounce.

U.S. Treasury securities were climbing. The 10-year note was adding 8/32 to yield 3.9%, and the 30-year was tacking on 19/32, yielding 4.52%. The dollar was adding value against the euro and pound, but falling vs. the yen.

Across the seas, foreign markets were mostly gaining ground. London's FTSE, Frankfurt's DAX and Hong Kong's Hang Seng were all strengthening