U.S. stocks mixed as tech softness and hot PPI offset by slide in Treasury yields
U.S. stocks experienced a mixed performance on Thursday, as the technology sector's decline was offset by a drop in Treasury yields. The benchmark S&P 500 index briefly rose to 7,721.15 points, while the tech-heavy NASDAQ Composite slipped 0.5% to 26,564.71 points. The Dow Jones Industrial Average managed to increase by 0.9% to 52,093.01 points.
Focus was on the latest U.S. producer price index (PPI) report, with headline PPI rising 1.3% month-over-month, the highest increase in four-and-a-half years. Core PPI also showed an increase of 5% year-over-year, surpassing expectations. Despite these figures, the Federal Reserve may maintain or even raise interest rates due to resilient consumer spending and a stable labor market.
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