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

US stock market opened weaker as hotter-than-expected U.S. wholesale inflation rattled markets, pushing the Dow Jones, S&P 500, and Nasdaq into early losses. July’s Producer Price Index (PPI) surged 0.

The Dow Jones average fared the worst of the major indexes with its 0.5% drop, or loss of 224 points, despite a 3.2% gain for Apple AAPL. The 30-stock index sank below its 21-day exponential moving average. Caterpillar stock CAT was a loser on the Dow after a ratings downgrade.