Strong Producer Price Data Drives Equities Lower

Last Updated: Friday, December 9, 2022 4:06 PM | MT Newswires

US benchmark indices were trading lower ahead of Friday's close after producer prices increased more than expected in November.

The Dow Jones Industrial Average was down 0.6% at 33,590.8, while the Nasdaq Composite fell 0.3% to 11,051.7. The S&P 500 lost 0.4% to 3,948.2. Barring communication services, all sectors were in the red, led by energy, health, and materials.

The producer price index grew 0.3% for a third month in a row but higher than market expectations for a 0.2% gain. PPI advanced 7.4% annually, down from October's 8.1% advance, but above the consensus for a 7.2% rise.

The US 10-year yield was up 8.2 basis points at 3.58%, while the two-year rate gained 2 basis points to 4.33%.

West Texas Intermediate crude oil futures rose 0.2% to $71.59 per barrel.

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