US stocks mixed despite producer prices cooling down in May

US stocks mixed despite producer prices cooling down in May

Gold loses 0.64% to $2,310 per ounce, silver drops 1.7% to $29.21

By Ovunc Kutlu

ISTANBUL (AA) - US stock exchanges opened mixed on Thursday despite producer prices in May cooling down on annual and monthly bases, and below market estimates.

The Dow Jones was down 202 points, or 0.52%, to 38,510 at 9.53 a.m. EDT (1353GMT).

The S&P 500, on the other hand, rose nine points, or 0.17%, to nearly 5,430. The Nasdaq added 117 points, or 0.66%, to 17,725.

Producer inflation in the US rose 2.2% annually in May, coming lower than market estimates of a 2.5% gain, and slightly slowing down from a 2.3% year-on-year increase in April, according to Labor Department figures released earlier.

On a monthly basis, the producer price index unexpectedly declined 0.2%, and managed to come below market estimates of a 0.1% increase, falling significantly from a monthly gain of 0.5% in April.

The VIX volatility index, also known as the fear index, rose 0.42% to 12.10. The 10-year US Treasury yield dove 0.2% to 4.282%.

The dollar index climbed 0.23% to 104.89, while the euro fell 0.19% to $1.0787 against the greenback.

Precious metals were in negative territory, with gold losing 0.64% to $2,310 per ounce, and silver down 1.7% to $29.21.

Oil prices were up around 0.1%, with global benchmark Brent crude at $82.70 and US benchmark West Texas Intermediate at $78.60.

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