by David French

(Reuters) – The New York Stock Exchange ended mixed on Friday as technology and growth stocks were hurt by rising bond yields after the release of higher-than-expected producer price data.

The Dow Jones Industrial Average gained 0.3%, or 105.25 points, to 35,281.4 points.

The broader S&P-500 fell 4.78 points, or 0.11%, to 4,464.05 points.

The Nasdaq Composite fell for its part by 76.18 points (-0.56%) to 13,644.85 points.

Data released by the US Department of Labor on Friday showed producer prices rose 0.3% month on month and 0.8% year on year.

Economists polled by Reuters on average forecast an increase of 0.2% compared to June and 0.7% on an annual basis.

“Important data (has been released) over the past few days, but the market has chosen to move sideways, which tells us that it had it all planned out and was neither pleasantly nor unpleasantly surprised,” said Jason Betz, Private Wealth Advisor at Ameriprise Financial.

The yield on two-year Treasury bills, which moves in line with short-term interest rate forecasts, climbed to 4.88%.

This rise weighed on technology and growth stocks, which are sensitive to interest rates.

The first results of the monthly survey from the University of Michigan published on Friday showed that the morale of American households has deteriorated very slightly since the beginning of August compared to July.

In values, Tesla and Microsoft ended down. Nvidia weighed on the semiconductor compartment which recorded its fourth consecutive decline and its eighth loss in nine sessions.

The health and energy compartments have progressed.

U.S.-listed shares of Chinese companies Alibaba and JD.com fell as investors were disappointed by Beijing’s latest stimulus.

(Reporting Bansari Mayur Kamdar and Johann M Cherian in Bangalore and David French in New York, with contributions from Shashwat Chauhan; Camille Raynaud)

Copyright © 2023 Thomson Reuters