US stocks mixed as higher-than-expected inflation data spurs concern over reopening
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- US stocks were mixed on Friday after higher-than-expected inflation data sparked a rally in interest rates.
- The producer price index rose 1% in March, and saw a year-over-year surge of 4.2%.
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US stocks were mixed on Friday following the release of producer price index data for the month of March, which showed a jump of 1%, and a year-over-year increase of 4.2%.
The higher-than-expected inflation data sparked a rally in interest rates, with the 10-Year US Treasury yield rising five basis points to 1.68%. The jump in interest rates led to a swift decline in the tech-heavy Nasdaq 100.
A spike in inflation has been a key concern for investors as the US economy begins to reopen, as some worry that a runaway inflation scenario could materialize when considering the trillions of dollars in stimulus unleashed on the economy since the beginning of the COVID-19 pandemic.
Here's where US indexes stood at the 9:30 a.m. ET open on Friday:
- S&P 500: 4,097.29, up 0.01%
- Dow Jones industrial average: 33,589.94, up 0.26% (86.37 points)
- Nasdaq composite: 13,775.97, down 0.41%
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Oil prices were lower. West Texas Intermediate crude fell 0.08%, to $59.53 per barrel. Brent crude, oil's international benchmark, dropped by 0.3%, to $63 per barrel.
Gold fell 1.2%, to $1,735.90 per ounce.
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