12:26 PM EST, 12/12/2024 (MT Newswires) -- US equity indexes fell in choppy trading after midday on Thursday following a stronger-than-expected read on wholesale prices and an unexpected surge in jobless claims.

The S&P 500 slid 0.2% to 6,070.6, with the Nasdaq Composite down 0.3% to 19,968.3 and the Dow Jones Industrial Average 0.2% lower at 44,063.3. Energy and materials led the decliners, while real estate and consumer staples were among the top gainers.

The US producer price index increased 0.4% month over month on a seasonally adjusted basis in November, above the 0.2% Bloomberg-polled consensus estimate. October's reading was 0.3%, following an upward revision. Year over year, producer prices were up 3% in November, outpacing the 2.6% gain analysts were expecting.

Further, in economic news, US initial jobless claims rose to 242,000 in the week ended Dec. 7 from an upwardly revised 225,000 in the previous week, compared with expectations for a drop to 220,000 in a survey compiled by Bloomberg. The four-week moving average increased by 5,750 to 224,250 after rising the previous week.

US Treasury yields were mixed, with the 10-year up 3.1 basis points to 4.3% and the two-year rose less than one basis point to 4.15%. Yields on maturities one year and below declined.

In company news, Warner Bros. Discovery ( WBD ) said Thursday it plans to implement a new corporate structure that will split operations into two divisions: Global Linear Networks, focused on profitability and cash flow, and Streaming & Studios, which will target growth through streaming and entertainment. Shares surged 15% intraday, the most of the S&P 500 and the Nasdaq.

Adobe (ADBE) shares slumped 12% intraday, the most on the two indexes, after the company issued a fiscal Q1 revenue outlook and fiscal 2025 guidance that missed market expectations.

West Texas Intermediate crude oil futures slid 0.4% to $69.99 a barrel.