U.S. stocks closed mixed on Thursday, after recording sharp gains in the previous sessions.
The latest data on inflation showed consumer and producer prices slowing higher-than-expected in July. However, investors realized that the Fed would still need to aggressively increase rates to fully control increasing consumer prices.
The S&P 500 fell slightly after hitting to new three-month highs following the release of producer price index. U.S. producer prices dropped 0.5% month-over-month in July, following a revised 1% increase in the previous month and versus market expectations of a 0.2% rise.
High-growth stocks, including Tesla Inc TSLA and Amazon.com Inc AMZN, which rose sharply on Wednesday, moved lower by around 2.6% and 1.4%, respectively on Thursday.
The Nasdaq 100 fell 0.65% to close at 13,291.99 on Thursday, while the S&P 500 lost 0.07%. The Dow Jones gained around 27 points to settle at 33,336.67 in the previous session.
The major sectors on the S&P 500 closed on a mixed note, with energy stocks recording the biggest surge on Thursday. Health care, however, was the worst performing sector in the previous session, falling around 0.7%.
The Chicago Board Options Exchange's CBOE Volatility Index (VIX) gained 2.3% to 20.20 points.
What is CBOE Volatility Index?
The CBOE Volatility Index, popularly known as VIX, is a measure of the equity market's expectation of volatility based on S&P 500 index call and put options.
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