US stocks mixed after producer inflation figures released before Fed decision

By Ovunc Kutlu

ISTANBUL (AA) - US stocks opened mixed Wednesday after the release of producer inflation figures and before the Federal Reserve's interest rate decision.

The Dow was down 17 points, or 0.05%, to 36,560 at 9.51 a.m. EDT. The S&P 500, however, rose 2.6 points, or 0.06%, to 4,646.

The Nasdaq, meanwhile, increased 33 points, or 0.23%, to 14,566.

Producer inflation slowed annually to a gain of 0.9% in November, according to the Labor Department figures that were released before the opening bell. The figure for October was revised to an annual increase of 1.2% from 1.3%.

The Fed's last two-day meeting in 2023 will conclude Wednesday at 2 p.m. EDT. The central bank is widely expected to leave its benchmark interest rate unchanged between the 5.25% - 5.5% target range -- the highest in 22 years.

The VIX volatility index, also known as the fear index, was up 1.6% to 12.26. The 10-year US Treasury yield fell 1% to 4.169%.

The dollar index increased 0.03% to 103.90, while the euro added 0.04% to $1.0794 against the greenback.

Precious metals were mixed, with gold rising 0.1% to $1,982 per ounce but silver trimming 1% to $22.56.

Oil prices were up around 0.8%, with global benchmark Brent crude at $73.84 per barrel and US benchmark West Texas Intermediate crude at $69.19.