US stocks open mixed after key inflation figures

ISTANBUL

US stocks opened mixed on Thursday after key inflation figures posted annual gains but showed some slowing in pace.

The Dow Jones decreased 184 points, or 0.53%, to 34,405 at 10:04 a.m. EDT (1504GMT).

The S&P 500, on the other hand, was almost flat by gaining just seven points, or 0.17%, to 4,087.

The tech-heavy Nasdaq added 42 points, or 0.37%, to 11,510.

The Dow was up 2.2% at the closing bell Wednesday, while the S&P 500 and Nasdaq rose 3.1% and 4.4%, respectively, after the Federal Reserve Chair Jerome Powell hinted smaller interest rate hikes could start later this month.

Core personal consumption expenditures (PCE) price index, however, posted an annual gain of 5% in October, according to data released earlier Thursday. The Fed's preferred and most reliable inflation indicator showed a slowdown from the annual increase of 5.2% in September.

On a monthly basis, the index gained 0.2% in October, also slowing in pace from a monthly increase of 0.5% in September.

The VIX volatility index, also known as the fear index, rose 0.6% to 20.70. The 10-year US Treasury yield shed 2.8% to 3.598%.

The dollar index fell 1.2% to 104.72, still around its highest in 20 years, while the euro gained 1% to $1.0506 against the greenback.

Precious metals posted strong gains as gold soared 1.8% to $1,800 per ounce and silver jumped 1.6% to $22.55.

Oil prices also showed strong increase. Global benchmark Brent crude was trading at $89.14 per barrel for a gain of 2.5%. US benchmark West Texas Intermediate crude was around $83.11, up 3.2%.