Stocks were lower Thursday, easing back from record highs, as investors grappled with a hotter-than-expected reading on July PPI.

Stocks were slightly lower Thursday after a closely watched inflation report revived concerns about the impact that tariffs are having on the economy.

After the opening bell, the Dow rose 0.5%, as the S&P 500 gained 0.4%. The tech-heavy Nasdaq composite climbed 0.5% in morning trade. The S&P 500 and the Nasdaq closed at record highs on Tuesday as rate-cut odds bolted higher following July inflation data.