US stocks were neutral on Thursday after retreating from their early gains. Concerns that interest rates would remain high for some time were alleviated by the producer price data, which was lower than expected.
At 9:38 a.m. ET, the S&P 500 was up 5.24 points, or 0.10 percent, at 5,165.88, the Nasdaq Composite was up 61.00 points, or 0.38 percent, at 16,231.36, and the Dow Jones Industrial Average was down 10.58 points, or 0.03 percent, at 38,450.93.
The Dow Jones Industrial Average increased by 61.75 points, or 0.16 percent, to 38,523.26 at the opening bell. The Nasdaq Composite increased by 65.84 points, or 0.41 percent, to 16,236.20, while the S&P 500 gained 12.31 points, or 0.24 percent, to 5,172.95.
Late on Wednesday, the yield on the 10-year Treasury dropped from 4.55 percent to 4.54%. From 4.97 percent to 4.93 percent, the 2-year yield decreased.
Following a meeting in Germany, the European Central Bank kept its benchmark rate unchanged, which resulted in mixed results for European stocks on Thursday. The FTSE 100 in Britain dropped 0.1% to 7,949.79.
The CAC 40 of France increased by 0.2% to 8,062.87. The DAX in Germany dropped 0.3% to 18,039.05. At 4,990.75, the Euro Stoxx 50 was down 0.2%. The Hong Kong Hang Seng Index dropped 0.3% to 17,095.03 on Asian stock exchanges. The Shanghai Composite of China increased 0.24 percent to 3,034.25. Nikkei 225 of Japan fell 0.4% at 39,442.63.
Crude oil rate
At 1321 GMT, US West Texas Intermediate crude prices dropped 58 cents to $85.63 a barrel, while Brent crude futures fell 44 cents to $90.04 a barrel.
Gold prices
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Following US producer price data on Thursday, gold prices increased. As of 1347 GMT, spot gold was up 0.6% at $2,346.23 an ounce. US gold futures were trading at $2,362.20, up 0.6%. Spot silver increased by 0.6% to $28.14 an ounce.
