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Stocks slipped Thursday after a hotter-than-expected wholesale inflation reading pressured equities and bond yields, while market leader Nvidia extended losses.
The Dow Jones Industrials lost 87.36 points to kick off Thursday at 38,955.96.
The S&P 500 index slid 7.76 points to 5,157.55.
The NASDAQ deducted 8.47 points to 16,169.36.
Investors were buying major technology shares like Apple and Microsoft early Thursday. Trading platform Robinhood popped 7% after the company reported a 16% increase in assets under custody in February from the prior month. Troubled electric vehicle startup Fisker tumbled 48% after The Wall Street Journal reported that the company has hired restructuring advisors to prepare for a potential bankruptcy filing.
Chipmaker Nvidia traded more than 3% lower.
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 4.27% from Wednesday’s 4.19%. Treasury prices and yields move in opposite directions.
Oil prices jumped $1.13 to $80.80 U.S. a barrel.
Gold prices sagged $13.50 to $2,167.30.
