Economy

US stocks open lower with inflation worries

Oil prices reach highest levels in year

Övünç Kutlu   | 15.06.2021
US stocks open lower with inflation worries

ANKARA

US stocks opened lower Tuesday with worries about rising inflation.

The Dow Jones was down 96 points to 34,297 at 9.49 a.m. EDT (1349GMT) with JPMorgan falling 1.4%.

The S&P 500 fell 4 to 4,251 as Tesla declined 0.9%. The Nasdaq fell 9 to 14,165. Both indexes closed Monday at all-time highs.

The VIX volatility index was up for the second consecutive day, adding 2.7% to 16.84.

The yield on the 10-year US Treasury note was up 0.1% to 1,502%, and the dollar index rose slightly to 90.56 as rising inflation continues to create worries.

US producer prices soared 6.6% in May, from the same month a year ago -- its largest gain since November 2010, the Labor Department announced earlier. Last week it said consumer prices jumped 5% in May on an annual basis -- the largest increase since August 2008.

The data are closely watched as significant inflation indicators by the Federal Reserve, which may signal at the end of a meeting on Wednesday a rate hike before 2023 to tame rising prices.

Oil prices hit their highest levels in a year with Brent crude trading at $73.79 with a 1.3% gain in early trading and US West Texas Intermediate at $71.91 -- a 1.4% gain.

Gold was slightly down to $1,865 per ounce, and silver decreased 0.7% to $27.65.

After a strong rally on Monday, Bitcoin was mostly flat around $40,300.


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