The Stock Market's Early Rally Fades as Wholesale Inflation Hits 6.5%
FROM THE WIRE · FINANCE.YAHOO.COM
This article first appeared on GuruFocus. U.S. stocks gave up an early lift Friday after a softer-than-expected producer price report offered only brief relief. Wholesale prices rose 0.3% in October, below the 0.4% economists expected, but annual inflation accelerated to 6.5%…
Read at the source ↗MARKET IMPACTHIGH✦ News Impact agent estimateTone: expected bearishAccelerating producer inflation raises pressure on the Fed to hike rates in December.AI-generated summary
✦ IN BRIEF · AIAI-generated summary
- 01Wholesale prices rose 0.3% in October, below the 0.4% expected.
- 02Annual inflation accelerated to 6.5%, its highest since November 2022.
- 03The Nasdaq Composite fell 1.1% while Nvidia pared premarket gains.
NEWS IMPACT AND MARKET REACTIONChange from the reference price
NVIDIA Corporation162.63 USD-0.08%today -2.14%Negative S&P 5007,550.32-0.02%today -0.55%Negative NASDAQ Composite25,115.91-0.02%today -0.99%Negative Dow Jones Industrial Average52,285.37-0.01%today -0.02%Negative
Impact and summary are estimates by the News Impact AI agent, not financial advice.Open in Markets