World markets today: US equities slide after producer prices data

At 10:01 a.m. ET, the Dow Jones Industrial Average was down 168.41 points, or 0.43%, at 38,874.91, the S&P 500 was down 26.56 points, or 0.51%, at 5,138.75, and the Nasdaq Composite was down 96.03 points, or 0.59%, at 16,081.74. 

The Producer Price Index (PPI) rose 0.6 per cent month-on-month in February, showed a labor department report. 

In the 12 months to February, the PPI rose 1.6 per cent.

In another economic data, US retail sales grew 0.6 per cent in February.

The slew of economic data comes ahead of the US Federal Reserve’s monetary policy meeting next week.

Investors widely expect the central bank to hold interest rates steady.

Shares of Nvidia fell 3.4 per cent, Intel shed 1.5 per cent, and Advanced Micro Devices lost 2.0 per cent.

Dick’s Sporting Goods soared 15 per cent after reporting stronger quarterly profit.

Robinhood Markets jumped 6.0 per cent after the trading app operator said its assets under custody rose 16 per cent in February. 

The yield on the 10-year Treasury rose to 4.27 per cent from 4.19 per cent late on Wednesday. The 2-year yield rose to 4.67 per cent from 4.63 per cent.

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Published: 14 Mar 2024, 08:14 PM IST