US open: Stocks mixed following cooler-than-expected PPI reading

Wall Street trading got off to a mixed start on Thursday following the release of yet another key inflation report.

As of 1500 BST, the Dow Jones Industrial Average was down 0.15% at 38,402.81, while the S&P 500 advanced 0.07% to 5,164.03 and the Nasdaq Composite came out the gate 0.39% weaker at 16,233.18.

The Dow opened 58.70 points lower on Thursday, extending losses recorded in the previous session after March's hotter-than-expected consumer price index fuelled worries that the Federal Reserve may now implement fewer rate cuts than initially thought. The yield on the benchmark 10-year Treasury note rose 18 basis points on the news, hitting its highest level since November 2023.

With the CPI somewhat in the rearview, Thursday's primary focus will be March's producer price index, which revealed, in seasonally adjusted terms, so-called total final demand prices were up in March by 0.2% month-on-month - less than consensus estimates for a 0.3% increase. In year-on-year terms, producer prices were ahead by 2.1%, following an increase of 1.6% during the previous month.

The Department of Labor said goods prices dipped by 0.1% on the month and services' were ahead by 0.3% with trade prices rising by 0.3%, and those for transportation and warehousing by 0.8%. Food prices rose by 0.8% versus February, but those for energy served as a partial offset, declining by 1.6%.

Elsewhere on the macro front, initial jobless claims decreased in the week ended 6 April, according to the Labor Department, dropping to 211,000 from 222,000 in the previous week, for the lowest reading in a month, and below market expectations for a print of 215,000. Last week's decline follows an upwardly revised two-month high in the previous week and continues to outline a tight labour market, giving the Federal Reserve more room to hold interest rates higher for longer in order to combat inflation.

In the corporate space, investors will be looking ahead to tomorrow for the first batch of big-name bank earnings, with JPMorgan, Wells Fargo and Citigroup all set to report on Friday.

Reporting by Iain Gilbert at Sharecast.com

Dow Jones - Risers

Nike Inc. (NKE) $91.60 2.92%
Amgen Inc. (AMGN) $270.64 1.57%
Microsoft Corp. (MSFT) $425.70 0.58%
Apple Inc. (AAPL) $168.40 0.37%
3M Co. (MMM) $92.92 0.31%
Walt Disney Co. (DIS) $117.50 0.26%
Coca-Cola Co. (KO) $59.05 0.22%
McDonald's Corp. (MCD) $268.99 0.12%
Salesforce.Com Inc. (CRM) $299.87 0.08%
International Business Machines Corporation (CDI) (IBM) $186.05 0.01%

Dow Jones - Fallers

Travelers Company Inc. (TRV) $221.77 -1.16%
Boeing Co. (BA) $172.99 -0.94%
Walgreens Boots Alliance, Inc. (WBA) $17.88 -0.80%
Merck & Co. Inc. (MRK) $125.91 -0.66%
Goldman Sachs Group Inc. (GS) $398.62 -0.53%
JP Morgan Chase & Co. (JPM) $194.46 -0.52%
Procter & Gamble Co. (PG) $156.46 -0.50%
Unitedhealth Group Inc. (UNH) $447.95 -0.47%
Chevron Corp. (CVX) $161.97 -0.43%
Dow Chemical Co. (DOW) $58.63 -0.37%

S&P 500 - Risers

Nektar Therapeutics (NKTR) $1.46 13.06%
Nike Inc. (NKE) $91.60 2.92%
Delta Airlines Inc. (DAL) $47.10 1.86%
Arista Networks Inc. (ANET) $293.38 1.79%
Albemarle Corp. (ALB) $129.76 1.66%
Mettler Toledo International (MTD) $1,326.00 1.57%
Amgen Inc. (AMGN) $270.64 1.57%
CH Robinson Worldwide Inc (CHRW) $73.09 1.50%
NRG Energy Inc. (NRG) $74.25 1.46%
Gartner Inc. (IT) $470.29 1.40%

S&P 500 - Fallers

Globe Life Inc. (GL) $91.59 -12.71%
Carmax Inc. (KMX) $71.41 -9.95%
Fastenal Co. (FAST) $70.79 -5.28%
Gen Digital Inc. (GEN) $21.67 -3.02%
W.W. Grainger Inc. (GWW) $979.07 -2.18%
AFLAC Inc. (AFL) $81.43 -1.79%
Advance Auto Parts (AAP) $76.62 -1.71%
Regeneron Pharmaceuticals Inc. (REGN) $921.00 -1.62%
Huntington Bancshares Inc. (HBAN) $13.40 -1.32%
FMC Technologies Inc. (FTI) $26.59 -1.32%

Nasdaq 100 - Risers

Trip.com Group Limited (TCOM) $49.82 2.19%
Amgen Inc. (AMGN) $270.64 1.57%
Vertex Pharmaceuticals Inc. (VRTX) $402.25 1.17%
JD.com, Inc. (JD) $26.98 1.16%
Nvidia Corp. (NVDA) $879.23 1.02%
Expedia Group Inc. (EXPE) $132.64 0.94%
Incyte Corp. (INCY) $55.47 0.86%
Alphabet Inc. Class A (GOOGL) $157.45 0.84%
Alphabet Inc. Class C (GOOG) $158.89 0.78%
Broadcom Inc. (AVGO) $1,332.14 0.74%

Nasdaq 100 - Fallers

Fastenal Co. (FAST) $70.79 -5.28%
Gen Digital Inc. (GEN) $21.67 -3.02%
Regeneron Pharmaceuticals Inc. (REGN) $921.00 -1.62%
Hasbro Inc (HAS) $56.06 -1.27%
NetEase Inc. Ads (NTES) $98.31 -1.20%
Verisk Analytics Inc. (VRSK) $223.25 -1.18%
Paypal Holdings Inc (PYPL) $65.25 -0.96%
Walgreens Boots Alliance, Inc. (WBA) $17.88 -0.80%
Fiserv Inc. (FI) $152.74 -0.68%
O'Reilly Automotive Inc. (ORLY) $1,086.70 -0.59%