Indexes Turn Lower, Dow Falls After PPI Data

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Stock Market Today: Indexes Turn Lower, Dow Falls After PPI Data

S&P 500 down in early trading; Industrials off more than 300 points

Last Updated: 

May. 11, 2023 at 11:21 AM EDT

Stocks dropped Thursday as investors digested an inflation gauge that rose slightly slower than expected, and continued concerns about the banking sector.

The producer-price index, which generally reflects supply conditions, rose 0.2% from March. The PPI release came a day after data showed consumer prices eased in April for the 10th straight month.

Investors are watching economic data closely after the Federal Reserve last week signaled it could pause policy tightening, as inflation pressures abate and banking-sector stresses cloud the outlook.

But a drop in shares of PacWest Bancorp and a downbeat response to Disney's latest earnings are weighing on the indexes today.

In recent trading:

Stock indexes slipped. The S&P 500 was 0.6% lower. The tech-heavy Nasdaq dipped less than 0.1%. The Dow dropped 0.8%, or nearly 300 points.

Bond yields fell. The 10-year U.S. Treasury yield fell to 3.386%, from 3.438% last yesterday. The two-year yield, which is more sensitive to expectations around Fed policy, declined to 3.864%, from 3.899%.

The dollar strengthened. The WSJ Dollar Index rose 0.6%.

PacWest was recently off 25%. An index of regional banking stocks dropped 2%.

Amazon.com, recently up nearly 2%, is on pace for its eighth-straight daily increase, according to Dow Jones Market Data. It's up about 10% during its current run

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