US equities were mixed after paring gains of early session on Thursday. The softer-than-anticipated producer prices data allayed worries that interest rates may stay high for a while.
At 9:38 a.m. ET, the Dow Jones Industrial Average was down 10.58 points, or 0.03 per cent, at 38,450.93, the S&P 500 was up 5.24 points, or 0.10 per cent, at 5,165.88, and the Nasdaq Composite was up 61.00 points, or 0.38 per cent, at 16,231.36.
At the opening bell, the Dow Jones Industrial Average rose 61.75 points, or 0.16 per cent, to 38,523.26. The S&P 500 was higher by 12.31 points, or 0.24 per cent, at 5,172.95, while the Nasdaq Composite gained 65.84 points, or 0.41 per cent, to 16,236.20.
A US labor department report showed the Producer Price Index (PPI) rose 0.2 per cent month-on-month in March.
The latest inflation data boosted hopes for interest rate cuts by the Federal Reserve this year.
The yield on the 10-year Treasury fell to 4.54 per cent from 4.55 per cent late on Wednesday. The 2-year yield slipped to 4.93 per cent from 4.97 per cent.
On Wednesday, US stocks had tumbled after data showed consumer prices increased more than expected in March.
European stocks were mixed on Thursday after the European Central Bank held its key rate steady after a meeting in Germany.
Britain’s FTSE 100 fell 0.1 per cent at 7,949.79. France’s CAC 40 rose 0.2 per cent at 8,062.87. Germany’s DAX fell 0.3 per cent at 18,039.05.
The Euro Stoxx 50 was down 0.2 per cent at 4,990.75.
In Asian stock markets, Hong Kong’s Hang Seng Index fell 0.3 per cent at 17,095.03. China’s Shanghai Composite rose 0.2 per cent at 3,034.25. Japan’s Nikkei 225 lost 0.4 per cent at 39,442.63.
Crude oil
Brent crude futures were down 44 cents to $90.04 a barrel at 1321 GMT, while US West Texas Intermediate crude futures lost 58 cents to $85.63 a barrel.
Bullion
Gold prices strengthened on Thursday after US producer prices data.
Spot gold rose 0.6 per cent at $2,346.23 per ounce, as of 1347 GMT. US gold futures was up 0.6 per cent at $2,362.20.
Spot silver edged 0.6 per cent higher to $28.14 per ounce.
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