US stock indices declined on Thursday following data that showed producer prices rose unexpectedly last month, boosting the case for no change in interest rates at the Federal Reserve’s policy meetings in March and May.
Earlier government data showed producer prices rose 1.6% in February, up from 1% in January, marking the fastest increase since September 2023.
On a monthly basis, producer prices rose 0.6% last month, up from 0.3% in January.
Otherwise, US unemployment claims fell to 209 thousand in the week ending March 9, while analysts expected an increase to 218 thousand.
And finally, US retail sales rose 0.6% m/m in February after a 1.1% drop in January.
All the data reflects a resilient and strong US economy despite higher interest rates, which in turn boost the case for maintaining interest rates unchanged for an extended duration this year.
On trading, Dow Jones fell 0.3%, or 99 points as of 15:26 GMT, while S&P 500 fell 0.3%, or 17 points to 5148, as NASDAQ gave up 0.2%, or 28 points to 16149.