Market indices and crypto extend dip as traders ignore US inflation and trade relief
Stocks dropped again Thursday morning as traders ignored fresh inflation data and signs of trade relief between Washington and Beijing, choosing instead to exit risk across the board.
S&P 500 futures slid 0.37%, Nasdaq 100 futures lost 0.29%, and Dow futures fell by 257 points, or 0.6%. The losses came after a weak Wednesday session, where the S&P 500 broke a three-day streak and closed down 0.3%, with the Nasdaq Composite also shedding 0.5%.
The Dow was basically flat. The index is now more than 2% below its all-time high from late February, stalling any momentum toward another record. Traders didn’t wait for Thursday’s Producer Price Index before selling.
The monthly inflation read for May was expected at 8:30 a.m. ET, with forecasts from Dow Jones calling for a 0.2% rise in headline prices and a 0.3% bump in core PPI, which excludes food and energy. But the market didn’t care. Positioning was already defensive, with investors reacting to other developments and treating the PPI release like background noise.
Dollar weakens as global tensions push traders to safe havens
The dollar was already slipping when markets opened, hitting its lowest level since April—a point that also marked its lowest value in three years. According to Dow Jones, it has now lost 10% against a basket of currencies in 2025 alone.
Middle East risks and doubts around the strength of the current U.S.–China trade truce pushed investors toward safer currencies. The Swiss franc and Japanese yen gained, each up 0.6% against the dollar.
European stocks joined the slide. The STOXX 600 index dropped 0.8%, with airlines and automakers taking the biggest hits as rising oil prices weighed on the sector.
Meanwhile, global equities eased after a relentless rally that started in early April. The MSCI All-Country World Index dipped 0.1%, just under its record high from the previous day.
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