US equities slide after producer prices data
US equities slid on Thursday after hotter-than-expected producer prices data.
At 10:01 a.m. ET, the Dow Jones Industrial Average was down 168.41 points, or 0.43 per cent, at 38,874.91, the S&P 500 was down 26.56 points, or 0.51 per cent, at 5,138.75, and the Nasdaq Composite was down 96.03 points, or 0.59 per cent, at 16,081.74.
The Producer Price Index (PPI) rose 0.6 per cent month-on-month in February, showed a labor department report.
In the 12 months to February, the PPI rose 1.6 per cent.
In another economic data, US retail sales grew 0.6 per cent in February.
The slew of economic data comes ahead of the US Federal Reserve’s monetary policy meeting next week.
Investors widely expect the central bank to hold interest rates steady.
Shares of Nvidia fell 3.4 per cent, Intel shed 1.5 per cent, and Advanced Micro Devices lost 2.0 per cent.
Dick’s Sporting Goods soared 15 per cent after reporting stronger quarterly profit.
Robinhood Markets jumped 6.0 per cent after the trading app operator said its assets under custody rose 16 per cent in February.
The yield on the 10-year Treasury rose to 4.27 per cent from 4.19 per cent late on Wednesday. The 2-year yield rose to 4.67 per cent from 4.63 per cent.
European stocks were mostly higher on Thursday.
France’s CAC 40 gained 0.6 per cent at 8,185.99. Germany’s DAX added 0.1 per cent at 17,973.89. Britain’s FTSE 100 fell 0.1 per cent at 7,762.12 points.
Euro Stoxx 50 rose 0.2 per cent at 5,011.69.
In Asian stock markets, China’s Shanghai Composite slid 0.2 per cent at 3,038.23. Hong Kong’s Hang Seng Index lost 0.7 per cent at 16,961.66.
Japan’s Nikkei 225 rose 0.3 per cent at 38,807.38.
Crude oil prices surged on Thursday after the International Energy Agency (IEA) forecast tighter market in 2024.
Brent crude futures for May rose 70 cents, or 0.83 per cent, to $84.73 a barrel by 1346 GMT. US West Texas Intermediate (WTI) crude for April added 88 cents, or 1.1 per cent, at $80.60.
Gold prices fell on Thursday as the US dollar and Treasury yields held firm.
Spot gold declined 0.6 per cent at $2,161.10 per ounce as of 10:03 a.m. EDT (1403 GMT). US gold futures fell 0.7 per cent to $2,166.60.
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Published: 14 Mar 2024, 08:14 PM IST
