The U.S. Producer Price Index rose by 0.4% in November, surpassing expectations, while initial jobless claims unexpectedly increased. As a result, the major U.S. stock indices experienced weakness. The Nasdaq, which recently closed above 20,000 points for the first time, fell by 87 points or 0.4%, reaching 19,947 points, and continued to decline by around 100 points in early trading. The S&P 500 opened down by 9 points or 0.2% at 6,074 points, while the Dow Jones opened slightly higher by 20 points or nearly 0.1% at 44,168 points.
Technology stocks weakened, with Tesla (TSLA) dropping over 1%, Alphabet (GOOG) decreasing by less than 1%, Nvidia (NVDA) sliding nearly 2%, while Apple (AAPL, Financial) remained steady. Adobe (ADBE) plunged 12% early on as its new fiscal year targets fell short of expectations.
