US stocks open lower as producer inflation rises above estimates

ISTANBUL

US stocks opened lower on Friday, as producer inflation figures showed gains above market expectations.

The Dow Jones was down 165 points, or 0.43%, to 38,607 at 9.36 a.m. EDT. The S&P 500 fell seven points, or 0.14%, to 5,022.

The Nasdaq was down five points, or 0.01% to 15,900 at the time.

US producer inflation in January rose 0.9% annually and 0.3% on a monthly basis, both figures coming above market estimates of 0.6% and 0.1%, respectively, according to the Labor Department figures released earlier.

The VIX volatility index, also known as the fear index, rose 2.4% to 14.36. The 10-year US Treasury yield gained 1.9% to 4.317%.

The dollar index increased 0.23% to 104.54, while the euro fell 0.18% to $1.0752 against the greenback.

Precious metals were mixed, with gold trimming 0.3% to $1,998 per ounce but silver rising 0.2% to $22.97.

Oil prices showed gains, with global benchmark Brent crude adding 0.2% to $83.03 per barrel and US benchmark West Texas Intermediate crude increasing 0.7% to $78.58.