US stocks open lower despite producer prices slow down

US stocks open lower despite producer prices slow down

Precious metals in negative territory, oil prices down more than 1%

By Ovunc Kutlu

ISTANBUL (AA) - US stocks opened lower Thursday despite producer prices showing an annual slowdown.

The blue-chip Dow Jones fell 312 points, or 0.92%, to 33,226 at 9.41 a.m. EDT.

The S&P 500 also shed 16 points, or 0.4%, at 4,122.

The tech-heavy Nasdaq decreased 12 points, or 0.1%, to reach 12,294.

Annual producer inflation in the US eased to 2.3% in April, slowing down from March's annual gain of 2.7%, according to Labor Department figures released earlier.

On a monthly basis, however, the producer price index rose 0.2% in April.

The VIX volatility index, also known as the fear index, jumped almost 4.6% to 17.73.

The 10-year US Treasury yield, meanwhile, fell 2.1% to 3.362%.

The dollar index was up 0.44% to 101.93, while the euro decreased 0.65% to $1.0909 against the greenback.

Precious metals were in negative territory, with gold trimming 0.3% to $2,023 per ounce and silver diving 4% to $24.37.

Oil prices fell more than 1%, with global benchmark Brent crude at $75.55 per barrel and US benchmark West Texas Intermediate at $71.64.

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