US stocks open lower despite easing inflation

By Ovunc Kutlu

ISTANBUL (AA) - Major exchanges in the US stock market opened lower Thursday despite consumer inflation slowing.

The Dow Jones fell 62 points, or 0.18%, to 33,910 at 9.44 a.m. EDT (1444GMT), while the S&P 500 was down 12 points, or 0.32%, to 3,956.

The tech-heavy Nasdaq decreased 45 points, or 0.42%, to 10,886.

Annual consumer inflation in the US came in at 6.5% in December, easing from 7.1% in November, according to the Labor Department.

Annually, core Consumer Price Index, which excludes food and energy, rose 5.7% in December, also slowing from a 6% year-on-year gain in November.

Easing inflation in the world's biggest economy fuels hopes that the Federal Reserve could take its foot off the throttle on rate hikes.

The VIX volatility index, also known as the fear index, was down 4.3% to 20.17. The 10-year US Treasury yield fell 0.9% to 3.523%.

The dollar index fell 0.45% to 102.71, while the euro gained 0.3% to $1.0789 against the greenback.

Precious metals were on the rise, with gold rising 0.4% to $1,883 per ounce and silver increasing 1.2% to $23.69.

Crude oil prices were in positive territory, with global benchmark Brent crude up 1.4% to $83.86 per barrel and US benchmark West Texas Intermediate at $78.42 -- a 1.3% daily gain.