US stocks end mostly lower after higher-than-expected producer inflation data

By Mucahithan Avcioglu

ISTANBUL (AA) - US stocks closed mostly in negative territory Thursday as producer prices rose way more than expected in July.

The Dow Jones Industrial Average fell 0.02%, or 11.01 points, to close at 44,911.26.

The Nasdaq lost 0.01%, or 2.47 points, to close at 21,710.67.

The S&P 500 added 0.03%, or 1.96 points, to 6,468.54, the third consecutive day of a record high.

The VIX Volatility Index, also known as the “fear index," rose 2.35% to 14.83.

The mostly negative course followed higher-than-expected producer inflation data as producer prices in the US rose 3.3% on a yearly basis in July, above market expectations of a 2.5% increase.

On a monthly basis, producer inflation was at 0.9% in July, above market estimates of a 0.2% increase.

Meanwhile, Intel shares climbed 7.4% after Bloomberg reported that the Trump administration is considering buying a stake in the tech giant.

The government’s stake would help fund factories that Intel is currently building in Ohio, according to the report.

While statements from Fed officials are also being monitored, St. Louis Fed President Alberto Musalem said it’s too early to decide whether interest rates will be lowered at the Federal Open Market Committee’s September meeting.

The number of Americans filing first-time unemployment claims fell by 3,000 last week to 224,000. The figure was below market forecasts of 225,000 and was down from the previous week's upwardly revised level of 227,000.