NEW YORK: Wall Street stocks mostly fell early Thursday as markets digested fresh US inflation data and the European Central Banks’s latest interest rate cut.
US wholesale inflation came in at 0.4 percent last month, seasonally adjusted, up from 0.3 percent in October and higher than expected.
Meanwhile, the ECB reduced its key deposit rate a quarter point to three percent, a widely expected move that marked the central bank’s third cut in a row.
The move reflected concerns about worsening growth outlook but an improving inflation dynamic.
US stocks rise after inflation report
About 15 minutes into trading, the Dow Jones Industrial Average was up 0.1 percent at 44,193.26.
The broad-based S&P 500 slipped 0.2 percent to 6,070.60, while the tech-rich Nasdaq Composite Index declined 0.4 percent to 19,962.43.
Stocks have been on a tear since the November 5 US presidential election, with the Nasdaq finishing above 20,000 points for the first time ever on Wednesday.
Among individual companies, Adobe tumbled 11.3 percent on disappointment over the software giant’s forecast for next year.
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