By Liz Moyer
Investing.com — U.S. stocks opened lower as another set of government data added to investor concerns about persistently elevated inflation, even if the numbers show signs of slowing.
At 10:17 AM ET the Dow Jones Industrial Average was down 115, or 0.4%, while the S&P 500 was down 0.4% and the NASDAQ Composite was down 0.2%.
The Producer Price Index, which shows how much companies are getting for their goods and services out of the factory, rose 11% in April, a tick lower than the 11.5% gain in March, as the monthly rise in prices slowed to 0.5% from 1.2% in March. The monthly reading was in line with estimates. That mirrored the consumer price index from Wednesday, which also showed prices grew less than they did in the prior periods. But the readings are still elevated, and investors are worried that persistent inflation could encourage the Federal Reserve to act more aggressively on interest rates.
Shares of Beyond Meat Inc (NASDAQ:BYND) tumbled 27% after Barclays downgraded the faux meat maker to equal-weight from overweight, citing “limited visibility” on recovery after the company spent heavily on product launches and offered discounts.
Walt Disney Company (NYSE:DIS) shares fell 2% a day after the company reported earnings that showed subscriptions for its streaming service Disney+ beat expectations. Apple Inc (NASDAQ:AAPL) shares also shed 2%.
Oil prices dipped after the Organization of the Petroleum Exporting Countries cut its forecast for world oil demand this year because of Covid-19 lockdowns in China and the war in eastern Europe. OPEC said it now expects global demand to grow by an average of only 3.4 million barrels a day this year, down from a prior estimate of 3.7 million barrels.
Crude Oil WTI Futures was flat at $105.80 a barrel, and Brent Oil Futures crude was down 0.4% to $107.05 a barrel. Gold Futures fell 0.4% to $1845 an ounce.