US stock indices retreated on Thursday after a hotter-than-expected producer prices data dampened investor hopes of interest rate cuts by the Federal Reserve this year.

At the opening bell, the Dow Jones Industrial Average fell 31.4 points, or 0.07%, to 44,890.84. The S&P 500 fell 13.1 points, or 0.20%, to 6,453.46​, while the Nasdaq Composite dropped 63.9 points, or 0.29%, to 21,649.211.

Bullion

Gold prices were muted on Thursday after hotter-than-expected US wholesale inflation data and a drop in jobless claims.

As of 9:15 AM ET (1315 GMT), spot gold fell 0.1% to $3,352.65 per ounce. US gold futures for December delivery were down 0.2% to $3,400.60.

Among other metals, spot silver lost 1% to $38.11 per ounce, platinum gained 1% to $1,352.60 and palladium rose 1.7% to $1,140.81.

Crude Oil

Oil prices were stable on Thursday on uncertainty over US-Russia talks on Ukraine and US President Donald Trump’s threat of “severe consequences” for Moscow if it does not agree to peace.

Brent crude futures were up 49 cents, or 0.75%, at $66.12 a barrel by 1303 GMT, while US West Texas Intermediate crude futures rose 51 cents, or 0.81%, to $63.16.