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Stocks have shown a lack of direction over the course of the trading day on Thursday, with the major averages bouncing back and forth across the unchanged line following the steep drop seen in the previous session.

Currently, the major averages are turning in a mixed performance. While the tech-heavy Nasdaq is up 53.70 points or 0.3 percent at 16,224.06, the S&P 500 is down 7.90 points or 0.2 percent at 5,152.74 and the Dow is down 201.34 points or 0.5 percent at 38,260.17.

The choppy trading on Wall Street comes as traders weigh today’s relatively tame producer price inflation data against yesterday’s hotter-than-expected consumer price inflation data.

Before the start of trading, the Labor Department released a report showing producer prices increased in line with economist estimates in the month of March.

The Labor Department said its producer price index for final demand crept up by 0.2 percent in March after climbing by 0.6 percent in February. The uptick matched expectations.

Meanwhile, the report said the annual rate of producer price growth accelerated to 2.1 percent in March from 1.6 percent in February.

The annual rate of growth was the fastest since surging 2.3 percent last April but came in slightly slower than the 2.2 percent jump forecast by economists.

The producer price inflation data comes after the Labor Department released a separate report on Wednesday consumer prices rose by slightly more than expected in March.

The report also said the annual rate of consumer price growth accelerated to 3.5 percent in March from 3.2 percent in February. Economists had expected a more modest acceleration to 3.4 percent.

“The inflation data are noisy, and the market reflects that reality,” said Jamie Cox, Managing Partner for Harris Financial Group. “There are clear signs of disinflation in lots of places, but the last mile of the inflation fight is going to be the most difficult. The Fed will cut into the noise, but not until after June.”

Following the latest inflation data, CME Group’s FedWatch Tool is indicating a 20.5 percent chance of a quarter point interest rate cut in June, up from 16.1 percent on Wednesday but down from 59.1 percent a week ago.

Sector News

While most of the major sectors are showing only modest moves on the day, oil service stocks have come under pressure amid a steep drop by the price of crude oil.

With crude for May delivery tumbling $1.24 to $84.97 a barrel, the Philadelphia Oil Service Index has slumped by 1.9 percent.

Oil producer and natural gas stocks are also seeing considerable weakness, dragging both the NYSE Arca Oil Index and the NYSE Arca Natural Gas Index down by 1.2 percent.

Banking stocks have also shown a notable move to the downside on the day, while some strength is visible among semiconductor stocks.

Other Markets

In overseas trading, stock markets across the Asia-Pacific region turned in a mixed performance during trading on Thursday. Japan’s Nikkei 225 Index fell by 0.4 percent, while China’s Shanghai Composite Index edged up by 0.2 percent.

Meanwhile, the major European markets have all moved to the downside on the day. While the German DAX Index has tumbled by 1.3 percent, the U.K.’s FTSE 100 Index is down by 0.9 percent and the French CAC 40 Index is down by 0.8 percent.

In the bond market, treasuries have pulled back off their early highs and into negative territory. As a result, the yield on the benchmark ten-year note, which moves opposite of its price, is up by 2.0 basis points at 4.580 percent.

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