By Liz Moyer

Investing.com — U.S. stock opened lower following the announcement by the European Central Bank that it would raise interest rates in July. Bond yields rose as a result.

At 9:55 AM ET the index was up 14 points or 0.04%, while the was lower 0.06%, and the was down 0.1%.

According to the ECB, it will raise its interest rate by a quarter-point in July. It will then increase it again in September. This is in line with other central banks’ efforts to combat inflation through raising borrowing costs. The rate rose over 3%. Just a few days prior to the U.S. consumer price index’s May reading, the ECB made the move. Analysts anticipate that the annual rise will average 8.3%. That is about the same rate as in April.

Next week will see the Federal Reserve meeting to decide the next stage in its rate-increasing strategy.

After the customer service software manufacturer said that it had concluded a strategic review and could not find any potential buyout opportunities, shares of Zendesk Inc (NYSE 🙂 dropped 11% Thursday.

Tesla Inc (NASDAQ) shares rose almost 3% following UBS’s upgrade to neutral.

Five Below Inc (NASDAQ) Shares fell 4.4% after discount retailer revealed that its first quarter profit was down due to rising cost.

Oil dipped lower. Oil fell 0.3% to $121.70 per barrel while it was steady at $123 per barrel. The price of an ounce fell to $1,850