01:27 PM EDT, 06/13/2024 (MT Newswires) -- US equity indexes traded mixed after midday Thursday as an unexpected decline in the wholesale price inflation rate and a surprise increase in jobless claims sent government bond yields lower.

The Dow Jones Industrial Average slid 0.4% to 38,573.7, with the S&P 500 flat at 5,420.8. The Nasdaq Composite, however, rose 0.1% to 17,630.3. The Nasdaq and the S&P 500 are trading close to record highs.

Industrials, communication services, and energy were the steepest decliners intraday. Technology and real estate were the only gainers.

In economic news, producer prices unexpectedly returned to contraction territory in May, the Bureau of Labor Statistics reported Thursday, a day after government data showed that consumer inflation cooled more than anticipated last month. The US producer price index fell 0.2% last month, swinging from a 0.5% gain in April. The Bloomberg-polled consensus was for a 0.1% increase.

"Following yesterday's cooler-than-expected (consumer price index) report, this morning's headline decline in the PPI offers another piece of evidence that inflation is pulling back," Stifel Economics wrote in a note. "Of course, following several months of head fakes at the start of the year with inflation moving higher, the (Federal Reserve) is less apt than investors to look at one month's data as an indication of achieving price stability."

Meanwhile, initial jobless claims increased by 13,000 to 242,000 in the week ended June 8. The consensus was for a dip to 225,000 in a survey of analysts compiled by Bloomberg.

Initial claims over the past few weeks have begun to signal "increasing labor market weakness, albeit from a position of extreme strength," Jefferies' US Economist Thomas Simons said in a note.

"It is still too early to tell if this is another step in the process of the labor market coming into better balance, or if it is the early stages of building momentum to the downside," Simons said. "We are inclined to think that it is the former, but we are cautiously watching the next few weeks worth of data to see if a trend is emerging."

The US 10-year yield dropped 4.3 basis points to 4.25%, and a 5.9 basis-point slump in the two-year pushed the yield to 4.69%.

West Texas Intermediate crude oil rose 0.3% to $78.78 a barrel.

In company news, Broadcom ( AVGO ) climbed 12% intraday, the top gainer on the S&P 500 and the Nasdaq, after the chipmaker reported an increase in fiscal Q2 earnings and sales while raising its revenue guidance for the full financial year.

Liberty Global ( LBTYA ) said Thursday it plans to acquire Warner Bros. Discovery's ( WBD ) equity stake in the Formula E electric car racing series, increasing the telecom company's ownership stake to 65%. Shares of Warner Bros. slumped 6.1% intraday, among the worst performers in the Nasdaq and the S&P 500.

Gold was down 1.8% to $2,313.32 an ounce, and silver sank 4.5% to $28.91.