US stock indices edged lower on Thursday after data showed that producer prices rose in October.
The Dow Jones Industrial Average fell 36.90 points, or 0.08 per cent, to 43,921.29, the S&P 500 lost 9.36 points, or 0.16 per cent, to 5,976.02, and the Nasdaq Composite lost 34.83 points, or 0.18 per cent, to 19,195.90.
The producer prices grew in October, on higher costs for services such as portfolio management and airline fares.
The Producer Price Index (PPI) for final demand rose 0.2 per cent in October after an upwardly revised 0.1 per cent gain in September, the Labor Department’s Bureau of Labor Statistics said.
The PPI report followed on the heels of October’s consumer inflation data released on Wednesday.
Investors are now awaiting Fed Chair Jerome Powell’s speech in Dallas on economic outlook later in the day for clues on the further monetary policy path.
Stocks of Tesla and Alphabet lost more than 1 per cent each.
Shares of The Walt Disney Co. jumped 10.6 per cent after the company reported stronger profit for the third quarter.
Dutch chip maker ASML’s shares in the United States rose 4.9 per cent after the company said it expects global semiconductor sales to top $1 trillion by 2030, with the help of demand related to artificial-intelligence technology. Cisco Systems stock dropped 1.3 per cent despite the tech giant reported stronger profit than expected.
Super Micro Computer tumbled 13.4 per cent after saying that it doesn’t expect to file its quarterly financial results with the US regulators on time.
In the crypto market, bitcoin was 1 per cent higher at $90,916 after crossing $93,000 mark.
Bitcoin miner MARA Holdings rose 2.6 per cent and crypto buyer MicroStrategy advanced 4.6 per cent.
In the bond market, the yield on the 10-year Treasury eased to 4.42 per cent from 4.45 per cent late on Wednesday.
Crude oil
Oil prices were flat on Thursday on worries about rising supply amid slow demand growth.
Brent crude futures edged 17 cents higher to $72.45 a barrel at 1203 GMT. US West Texas Intermediate crude futures were up 14 cents to $68.57.
