US benchmark equity indexes closed mixed Thursday as investors parsed April's flat retail sales and an unexpected decline in producer prices.

The S&P 500 increased 0.4% to 5,916.93, and the Dow Jones Industrial Average climbed 0.7% to 42,322.75. The Nasdaq dropped 0.2% to 19,112.32. Among sectors, utilities posted the biggest gain and consumer discretionary paced the declines.

US Treasury yields fell with the 10-year rate decreasing 8.7 basis points to 4.5% and the two-year rate dropping 8.6 basis points to 4%.

June West Texas Intermediate crude oil decreased 2.2% to $61.76 a barrel on Thursday.

Federal Reserve Chair Jerome Powell warned that inflation may be more volatile in the future than in the inter-crisis period of the 2010s because the economic backdrop has changed "significantly" since 2020.

"Longer-term interest rates are a good deal higher now, driven largely by real rates given the stability of longer-term inflation expectations," Powell said at a conference. "Higher real rates may also reflect the possibility that inflation could be more volatile going forward than in the inter-crisis period of the 2010s. We may be entering a period of more frequent, and potentially more persistent, supply shocks -- a difficult challenge for the economy and for central banks."

In economic news, retail sales in the US barely grew in April as consumers pulled back on spending at gasoline stations and car dealerships, government data showed.

US producer prices unexpectedly declined last month as wholesale costs of services fell at the fastest pace on record, Bureau of Labor Statistics data showed.

Weekly applications for unemployment insurance in the US held steady, while continuing claims increased, according to the latest government data released Thursday.

In company news, Steris (STE) shares surged 8.4%, the top gainer on the S&P, a day after the company reported fiscal Q4 adjusted earnings and revenue that topped Wall Street estimates.

Cisco Systems (CSCO) shares climbed 4.9%, the biggest increase on the Dow, a day after the networking equipment maker posted fiscal Q3 results that surpassed the Street's estimates as product demand increased.

UnitedHealth Group (UNH) shares slumped 11%, the largest drop on the Dow. The health insurance giant is facing a criminal investigation by the US Department of Justice over possible Medicare fraud tied to its Medicare Advantage operations, the Wall Street Journal reported.

Gold increased 1.2% to $3,227.10 per troy ounce, while silver rose 0.9% to $32.75 per troy ounce.