US stocks open lower as producer prices rise in July

By Ovunc Kutlu

ISTANBUL (AA) - US stocks opened Friday lower as producer inflation figures showed annual and monthly gains in July.

The Dow Jones fell 72 points, or 0.21%, to 35,104 at 9.33 a.m. EDT, while the S&P 500 was down 21 points, or 0.47%, to 4,447.

The tech-heavy Nasdaq declined 101 points, or 0.73%, to 13,636.

Annual producer inflation in the US came in at 0.8% in July, accelerating from the previous month's figure of 0.2%, according to the Labor Department figures released earlier.

On a monthly basis, the producer price index (PPI) saw a gain of 0.3% in July, while the monthly figure for June was revised down from a gain of 0.1% to no change.

Core producer prices, which exclude food, energy and trade, increased 0.2% in July after rising 0.1% in June.

The VIX volatility index, also known as the fear index, rose 1.26% to 16.05.

The 10-year US Treasury yield, meanwhile, added 1.9% to 4.162%.

The dollar index increased 0.23% to 102.76, whereas the euro lost 0.15% to $1.0962 against the greenback.

Precious metals were in positive territory, with gold adding 0.14% to $1,915 per ounce and silver increasing 0.01% to $22.70.

Oil prices were steady, with global benchmark Brent crude at $86.44 per barrel and US benchmark West Texas Intermediate at $82.82.