High volatility push US stocks down despite positive data

Major US stock indexes opened lower on Thursday despite positive macroeconomic data, with volatility soaring and the dollar index continuing to rise.

The Dow Jones was down 248 points to 34,351 at 9.53 a.m. EDT (1353GMT) with Intel shedding 2.2%. The S&P 500 fell 36 points to 4,171 as Tesla declined 1.4%.

The Nasdaq decreased 194 points, or 1.4%, to 13,561 with AMC Entertainment plummeting a massive 30%. Blackberry was up 10% in a highly volatile start to the session.

The VIX volatility index jumped 9.1% to 19.07, while the yield on the 10-year US Treasury increased 1.6% to 1.616% as investors turned toward Treasury notes and the dollar as safer bets.

The dollar index, which shows the strength of the greenback against a basket of six major currencies, was up 0.5% to 90.35.

The decline in indexes came despite US private payrolls rising 978,000 in May, marking highest monthly increase since last June. Initial jobless claims was below 400,000 for the first time since March 2020.