Major indices reversed earlier rallies following stronger-than-expected producer price inflation, with tech stocks leading declines.
US equities turned lower after initially rising on better-than-expected producer price index data. The Dow Jones Industrial Average fell 60 points, or 0.11%, while the S&P 500 and Nasdaq Composite declined 0.14% and 0.06%, respectively.
Earlier in the session, the Dow had climbed as much as 316 points, the S&P 500 up 37.9 points, and the Nasdaq up 209.81 points. The Nasdaq is now approaching its 200-hour moving average at 26,011 and 100-hour moving average at 25,892.
Tech stocks led losses, with SanDisk (SNDK) down 15.4% and Dell Technologies (DELL) falling 14.13%. PayPal (PYPL) and BlackRock (BLK) were among the few gainers, rising 16.18% and 0.3%, respectively.