US stocks fell on Thursday following data showing producer prices were higher than anticipated. The S&P 500 was down 26.56 points, or 0.51 percent, at 5,138.75, the Nasdaq Composite was down 96.03 points, or 0.59 percent, at 16,081.74, and the Dow Jones Industrial Average was down 168.41 points, or 0.43 percent, at 38,874.91 at 10:01 a.m. ET.
A report from the labor department indicated that the Producer Price Index (PPI) increased 0.6% in February over the previous month. Before February, the PPI increased by 1.6% during a 12-month period.
Another economic report shows that US retail sales increased 0.6% in February.
Most investors anticipate that the central bank will maintain interest rates. Nvidia’s stock dropped 3.4%, Intel’s dropped 1.5%, and Advanced Micro Devices’ stock dropped 2.0%.
Dick’s Sporting Goods had a 15% increase in value on the release of a higher quarterly earnings. Following the trading app operator’s announcement that its assets under custody increased by 16 percent in February, Robinhood Markets saw a 6.0% increase.
Late on Wednesday, the yield on the 10-year Treasury increased to 4.27 percent from 4.19 percent. From 4.63 percent to 4.67 percent, the 2-year yield increased. Thursday’s European stock market was largely up.
The CAC 40 for France increased by 0.6% to 8,185.99. The FTSE 100 in Britain dropped 0.1% to 7,762.12 points. The Euro Stoxx 50 increased by 0.2% to 5,011.69.
China’s Shanghai Composite fell 0.2% to 3,038.23 on Asian stock exchanges. The Hang Seng Index for Hong Kong dropped 0.7% to 16,961.66. The Nikkei 225 in Japan increased by 0.3% to 38,807.38.
Following the International Energy Agency’s (IEA) estimate of a tighter market in 2024, crude oil prices spiked on Thursday. By 1346 GMT, May Brent crude futures had increased by 70 cents, or 0.83 percent, to $84.73 per barrel. At $80.60, US West Texas Intermediate (WTI) crude for April saw an increase of 88 cents, or 1.1%.
Thursday saw a decline in gold prices as Treasury rates and the US currency remained stable. As of 10:03 a.m. EDT (1403 GMT), spot gold was down 0.6% at $2,161.10 an ounce. US gold futures dropped to $2,166.60, down 0.7%.
