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Indexes wobbled Thursday as traders received wholesale inflation data.
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The producer price index showed that prices rose by 0.2% last month, as expected.
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Markets will be tuned in to Fed Chairman Jerome Powell’s comments later in the day.
The indexes traded mixed on Thursday as traders assessed new inflation data and awaited comments from Federal Reserve Chairman Jerome Powell.
The S&P 500 and the Dow Jones Industrial Average were essentially flat, while the Nasdaq edged higher. Bond yields fell as another tame inflation report further opened the door for another rate cut in December. The yield on ten-year government bonds fell by three basis points to 4.418%.
The producer price index shows that total sales prices rose 0.2% in October, the Bureau of Labor Statistics reported Thursday.
The figures were in line with expectations, but showed that inflation remains somewhat stable: the annual increase was 2.4%.
Core PPI, which excludes more volatile food and energy prices, rose 0.3% this month and 3.1% year-on-year.
Investors will listen to comments from Fed Chairman Jerome Powell on Thursday at 3 p.m. ET.
His comments follow last week’s Fed rate cut of 25 basis points, with traders listening for clues about what the path might look like beyond this year.
Donald Trump’s election victory has fueled fears that inflation could rise again under his proposed policies, such as sweeping tariffs and an immigration crackdown, that could push the Fed off its easing path, economists say.
Traders expect the central bank to cut another 25 basis points at its December meeting before taking a break in January, CME’s FedWatch tool shows.
Meanwhile, data on Thursday showed weekly unemployment claims fell to the lowest level since May, dropping to 217,000 last week, down 4,000 from the week before.
Here’s where US indexes stood shortly after the 9:30 a.m. opening bell on Thursday:
Here’s what else is going on:
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Nvidia stock has a 25% advantage as it approaches an iPhone moment with its Blackwell chip, analyst says.
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Robinhood is adding tokens to its platform as crypto enthusiasm increases post-election.
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Equity exposure hits an 11-year high as investors expect U.S. stocks to be the best-performing assets in 2025, the BofA survey found.
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Russia’s economy is heading for a fate worse than a recession, pro-Kremlin economists say.
In commodities, bonds and crypto:
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Oil futures rose. West Texas Intermediate crude rose 1.2% to $69.27 a barrel. Brent crude, the international benchmark, rose 1.1% to $73.11 per barrel.
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Gold fell 0.7% to $2,569.10 an ounce.
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The yield on ten-year government bonds fell by three basis points to 4.418%.
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Bitcoin rose to $91,466.
Read the original article on Business Insider
