US stocks open lower despite producer prices slow down

By Ovunc Kutlu

ISTANBUL (AA) - Major US stock exchanges opened on a lower note Thursday despite annual producer prices showed a slowdown in August.

The Dow Jones industrial average fell 83 points, or 0.2%, to 40,778 as of 9.52 a.m. EDT (1352GMT). The S&P 500 was down nine points, or 0.16% to 5,545.

The Nasdaq Composite, meanwhile, decreased 10 points, or 0.05%, to 17,384.

Producer inflation in the US annually rose 1.7% in August, slowing down from July's 2.1% increase, and coming below expectations of 1.8%, according to data released by the Labor Department's Bureau of Labor Statistics before the market opening.

The VIX volatility index, referred to as the "fear index," rose 3.7% to 18.34. The 10-year US Treasury yield rose 0.22% to 3.659%.

The US dollar index decreased 0.13% to 101.55, while the euro rose 0.24% against the dollar, trading at $1.1037.

Precious metals were in positive territory, with gold adding 1.4% to $2,546 per ounce and silver increasing 2% to $29.25 an ounce.

Oil prices were up around 0.9%, with global benchmark Brent crude at $71.17 per barrel and US benchmark West Texas Intermediate at $67.92 per barrel.