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The Dow Jones Industrial Average fell Thursday and snapped a 3-day win streak after the release of hotter-than-expected U.S. inflation data sent Treasury yields higher, while Nvidia shares were under pressure.
The 30-stock index dumped 137.66 points to close Thursday at 38,905,66.
The S&P 500 index skidded 14.83 points to 5,151.23.
The NASDAQ went south 49.24 points to 16,128.53.
Shares of Nvidia were lower for the fourth session in five, pulling back more than 3%.
Investors were buying major technology shares such as Apple and Microsoft on Thursday. Trading platform Robinhood popped 5% after the company reported a 16% increase in assets under custody in February from the prior month. Troubled electric vehicle startup Fisker tumbled nearly 52% after The Wall Street Journal reported that the company has hired restructuring advisors to prepare for a potential bankruptcy filing.
February’s producer price index, a measure of wholesale inflation, advanced 0.6% last month. Excluding food and energy prices, core PPI climbed 0.3% in February, compared to an estimate from economists polled by Dow Jones that forecast headline PPI increased by 0.3% in February, or 0.2% for the core reading.
The PPI report is the last major piece of economic data to be released prior to the Federal Reserve’s upcoming policy meeting, set for March 19-20.
Prices for the 10-year Treasury lost ground, boosting yields to 4.29% from Wednesday’s 4.19%. Treasury prices and yields move in opposite directions.
Oil prices jumped $1.41 to $81.13 U.S. a barrel.
Gold prices sagged $13.80 to $2,167.10.
