US stocks were mixed on Friday following the release of producer price index data for the month of March, which showed a jump of 1%, and a year-over-year increase of 4.2%.
The higher-than-expected inflation data sparked a rally in interest rates, with the 10-Year US Treasury yield rising five basis points to 1.68%. The jump in interest rates led to a swift decline in the tech-heavy Nasdaq 100.
A spike in inflation has been a key concern for investors as the US economy begins to reopen, as some worry that a runaway inflation scenario could materialize when considering the trillions of dollars in stimulus unleashed on the economy since the beginning of the COVID-19 pandemic.
Here’s where US indexes stood at the 9:30 a.m. ET open on Friday:
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Auction house Christie’s continues to set its eyes on the budding NFT industry. The firm said it is planning to auction off a set of 9 CryptoPunk NFTs for up to $9 million next month.
Beyond Meat could soon be joined by another alternative meat company in the public markets, with Impossible Foods exploring an IPO at a $10 billion valuation. Beyond Meat is currently worth about $8 billion.
A surge in bitcoin trading volumes is spurring Coinbase rival Kraken to explore going public next year. Coinbase is set to direct list its shares on April 14.
Gold fell 1.2%, to $1,735.90 per ounce.