US close: Mixed session as traders digest PPI numbers

(Sharecast News) - Wall Street stocks turned a mostly positive performance on Thursday following the release of yet another key inflation report. At the close, the Dow Jones Industrial Average was down 0.01% at 38,459.08, while the S&P 500 advanced 0.74% to 5,199.06 and the Nasdaq Composite saw out the session 1.68% weaker at 16,442.20.

The Dow closed just 2.43 points lower on Thursday, narrowly extending losses recorded in the previous session after March's hotter-than-expected consumer price index fuelled worries that the Federal Reserve may now implement fewer rate cuts than initially thought. The yield on the benchmark 10-year Treasury note rose 18 basis points on the news, hitting its highest level since November 2023.

With the CPI in the rearview, Thursday's primary focus was March's producer price index, which revealed, in seasonally adjusted terms, so-called total final demand prices were up in March by 0.2% month-on-month - less than consensus estimates for a 0.3% increase. In year-on-year terms, producer prices were ahead by 2.1%, following an increase of 1.6% during the previous month.

The Department of Labor said goods prices dipped by 0.1% on the month and services' were ahead by 0.3% with trade prices rising by 0.3%, and those for transportation and warehousing by 0.8%. Food prices rose by 0.8% versus February, but those for energy served as a partial offset, declining by 1.6%.

Elsewhere on the macro front, initial jobless claims decreased in the week ended 6 April, according to the Labor Department, dropping to 211,000 from 222,000 in the previous week, for the lowest reading in a month, and below market expectations for a print of 215,000. Last week's decline follows an upwardly revised two-month high in the previous week and continues to outline a tight labour market, giving the Federal Reserve more room to hold interest rates higher for longer in order to combat inflation.

In the corporate space, investors looked ahead to tomorrow for the first batch of big-name bank earnings, with JPMorgan, Wells Fargo and Citigroup all set to report on Friday.

Reporting by Iain Gilbert at Sharecast.com

Dow Jones - Risers

Apple Inc. (AAPL) $175.04 4.33% Nike Inc. (NKE) $92.00 3.37% Amgen Inc. (AMGN) $270.00 1.33% Intel Corp. (INTC) $37.63 1.16% Microsoft Corp. (MSFT) $427.93 1.10% Cisco Systems Inc. (CSCO) $49.53 0.65% 3M Co. (MMM) $93.16 0.59% Visa Inc. (V) $275.68 0.44% Walgreens Boots Alliance, Inc. (WBA) $18.08 0.33% American Express Co. (AXP) $218.36 0.25%

Dow Jones - Fallers

Unitedhealth Group Inc. (UNH) $441.72 -1.85% Travelers Company Inc. (TRV) $220.52 -1.77% Johnson & Johnson (JNJ) $148.79 -0.94% Home Depot Inc. (HD) $347.29 -0.91% Procter & Gamble Co. (PG) $155.84 -0.89% Verizon Communications Inc. (VZ) $40.16 -0.89% Walmart Inc. (WMT) $60.08 -0.87% Goldman Sachs Group Inc. (GS) $397.48 -0.82% Boeing Co. (BA) $173.38 -0.73% Dow Chemical Co. (DOW) $58.47 -0.66%

S&P 500 - Risers

Nektar Therapeutics (NKTR) $1.58 22.48% Broadcom Inc. (AVGO) $1,382.46 4.54% CenturyLink Inc. (LUMN) $1.44 4.35% Micron Technology Inc. (MU) $127.51 4.35% Apple Inc. (AAPL) $175.04 4.33% Nvidia Corp. (NVDA) $906.16 4.11% Vornado Realty Trust (VNO) $28.60 3.59% Nike Inc. (NKE) $92.00 3.37% Sl Green Realty Corp. (SLG) $52.84 3.02% Delta Airlines Inc. (DAL) $47.72 3.01%

S&P 500 - Fallers

Globe Life Inc. (GL) $49.17 -53.14% Carmax Inc. (KMX) $71.98 -9.23% Fastenal Co. (FAST) $69.88 -6.50% Gen Digital Inc. (GEN) $20.99 -6.04% Morgan Stanley (MS) $86.84 -5.25% Advance Auto Parts (AAP) $74.35 -4.62% AFLAC Inc. (AFL) $79.70 -3.96% W.W. Grainger Inc. (GWW) $966.05 -3.46% VF Corp. (VFC) $13.13 -2.74% General Mills Inc. (GIS) $67.01 -2.69%

Nasdaq 100 - Risers

Broadcom Inc. (AVGO) $1,382.46 4.54% Micron Technology Inc. (MU) $127.51 4.35% Apple Inc. (AAPL) $175.04 4.33% Nvidia Corp. (NVDA) $906.16 4.11% Trip.com Group Limited (TCOM) $50.10 2.77% QUALCOMM Inc. (QCOM) $175.13 2.50% Western Digital Corp. (WDC) $73.90 2.28% Lam Research Corp. (LRCX) $983.48 2.27% Alphabet Inc. Class A (GOOGL) $159.41 2.09% Mercadolibre Inc. (MELI) $1,507.56 2.00%

Nasdaq 100 - Fallers

Fastenal Co. (FAST) $69.88 -6.50% Gen Digital Inc. (GEN) $20.99 -6.04% NetEase Inc. Ads (NTES) $97.15 -2.36% Regeneron Pharmaceuticals Inc. (REGN) $920.32 -1.70% DENTSPLY Sirona Inc. (XRAY) $32.01 -1.17% Verisk Analytics Inc. (VRSK) $223.30 -1.16% eBay Inc. (EBAY) $51.89 -1.09% Qurate Retail Inc. (QRTEA) $1.00 -0.99% Hasbro Inc (HAS) $56.23 -0.97% O'Reilly Automotive Inc. (ORLY) $1,083.00 -0.92%