Nasdaq, S&P, Dow mixed as losses in financial stocks offset sentiment boost from cool PPI

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U.S. stocks on Thursday gave up earlier gains to trade mixed, as some relief from a cool producer inflation print was counteracted by losses in the financial sector a day ahead of major earnings from ...

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The tech-heavy Nasdaq Composite (COMP:IND) added 0.71% to 16,284.51 points in mid-day trade, while the benchmark S&P 500 (SP500) climbed 0.16% to 5,169.03 points. The blue-chip Dow (DJI) retreated 0.29% to 38,349.85 points. \"Breadth is pretty terrible today. With the S&P 500 (SP500) down just 0.1% on the day, there are about 100 stocks up and 400 stocks down,\" Bespoke Investment Group noted on X (formerly Twitter). Of the 11 S&P sectors, eight were in the red, with Energy falling nearly 1%. Financials lost ground by 0.6%, as investors geared up for quarterly reports from JPMorgan (JPM), Wells Fargo (WFC) and Citi (C) on Friday. With interest rates having stayed at record levels, the major lenders are expected to do well.  Earlier, Wall Street's major averages opened in the green after the latest producer price index (PPI) report. Before the opening bell, the U.S. Bureau of Labor Statistics said headline PPI rose 0.2% M/M in March, lower than the expected rise of 0.3% and decelerating from February's high reading of +0.6%. Meanwhile, core PPI also climbed 0.2% M/M, matching consensus and slowing from the prior month's 0.3% increase. The cooler-than-expected PPI data brought some relief to market participants a day after yet another hot consumer price index (CPI) report led to heavy selling on Wall Street and the dialing back of interest rate cut expectations. Also on Thursday's economic calendar, the number of Americans filing for initial jobless claims in the past week fell to 211K versus an estimate of 216K. Treasury yields were mixed after a bond sell-off in the previous session sparked by the CPI data. Traders will be keeping an eye on a $22B 30-year bond auction coming up later in the afternoon. The longer-end 30-year (US30Y) and 10-year yields (US10Y) were both up 4 basis points each to 4.67% and 4.58%, respectively. The shorter-end more rate-sensitive 2-year yield (US2Y) was down 1 basis point to 4.96%.  See live data on how Treasury yields are doing across the curve at the Seeking Alpha bond page. Thursday also featured some global central bank action in the form of the European Central Bank's (ECB) latest monetary policy decision. The ECB held its key interest rates at record highs, while sending signals that it may be getting ready for cuts. \"The European Central Bank held monetary policy steady at today's announcement, though we view the accompanying statement as laying the groundwork for a probable ECB rate cut in June. The ECB cited an easing in underlying inflation and moderating wage growth,\" Wells Fargo's Nick Bennenbroek said. \"In addition, the ECB's announcement and ECB President Lagarde suggested that so long as updated forecasts confirmed the improving inflation outlook, monetary policy easing would be appropriate at the June 6 meeting,\" Bennenbroek added.  Turning to active stocks, Fastenal (FAST) was among the top percentage losers on both the S&P 500 (SP500) and the Nasdaq (COMP:IND). The industrial supplies maker delivered a quarterly top and bottom line miss as adverse weather impacted net sales. Regeneron Pharmaceuticals (REGN) was also a top Nasdaq (COMP:IND) percentage loser after the U.S. Department of Justice filed a complaint against the drugmaker alleging it fraudulently inflated Medicare reimbursement rates for its blockbuster eye disease therapy Eylea.   More on the markets  Biggest stock movers today: ADIL, ALPN, and more 4 stocks to watch on Thursday: STZ, MRNA and more The Federal Reserve Needs To Raise Interest Rates 0.25% With Gold At New Highs, Miners Consider More Than Price Inflation Scenarios Without A War: U.S. Markets Face Trouble","kind":null,"is_publish_news":null,"is_publish_highlight":null,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; +claudebot@anthropic.com)","isDev":false,"isTTM":true,"deviceId":"web-server-community-laohu8-v3","version":"4.22.4","shortVersion":"4.22.4","platform":"web","vendor":"web","appName":"ttm","isIOS":false,"isAndroid":false,"isTiger":false,"isTHS":false,"isWeiXin":false,"isWeiXinMini":false,"isWeiBo":false,"isQQ":false,"isBaiduSwan":false,"isBaiduBox":false,"isDingTalk":false,"isToutiao":false,"isOnePlus":false,"isHuaWei":false,"isXiaomi":false,"isXiaomiWebView":false,"isOppo":false,"isVivo":false,"isSamsung":false,"isMobile":false},"href":"/m/news/2426397267"}