Stock market today: Dow, S&P 500, Nasdaq slip after PPI inflation comes in much hotter than expected

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2 days ago

US stocks fell on Thursday as Wall Street digested a much hotter-than-expected PPI inflation print, souring optimism around a September rate cut.
The Dow Jones Industrial Average (^DJI) slipped 0.3%, while the benchmark S&P 500 (^GSPC) fell 0.2%. The tech-heavy Nasdaq Composite (^IXIC) lost 0.2%.
July's Producer Price Index (PPI) came in much hotter than expected, with prices rising 0.9% compared to expectations of 0.2%. On an annual basis, prices rose 3.3%, the most since February. "Core" producer prices, which strip out the cost of food and energy, saw the largest increase in three years.
The inflation shock looked set to sap the enthusiasm of a roaring market this week. Stocks extended their rally Wednesday, pushing the S&P 500 and Nasdaq to consecutive record highs. Bitcoin got a boost from mounting rate-cut bets, too, reaching a new record high Wednesday evening before scaling back on those gains.
Euphoria over a possible September rate cut had swept Wall Street over the past two sessions after July's Consumer Price Index report showed inflation rose as expected, but not dramatically. Traders had fully priced in a rate cut at the Fed's next meeting, even as some Fed policymakers continue to urge patience. On Thursday morning, investors had once again shifted some bets to a rate hold next month.
Friday's release on July's retail sales numbers will this week's final economic data point.
In corporate news, cryptocurrency exchange operator Bullish (BLSH) rose over 7% on Thursday, hovering around $75, more than double its IPO price of $37.
Stocks fall at the open after latest inflation data shows rising producer prices
US stocks sank Thursday at the market open, after the latest Producer Price Index reading showed wholesale inflation climbing much more than expected — a negative sign for hopes of a Fed rate cut in September.
The Dow Jones Industrial Average (^DJI) sank more than 0.4%, while the benchmark S&P 500 (^GSPC) fell over 0.3%. The tech-heavy Nasdaq Composite (^IXIC) lost 0.25%.
Wholesale inflation rises more than expected in July
The Producer Price Index — a measure of wholesale inflation that tracks changes in the selling prices of US producers of goods and services — rose 0.9% in July, the US Bureau of Labor Statistics reported Thursday, more than the 0.2% expected by analysts surveyed by Bloomberg. That was the biggest jump since June 2022.
That's after the PPI was unchanged in June and advanced a more modest 0.4% in May. Driving the increase in July was a rise in prices for final demand services, or services sold by businesses, which climbed 1.1% — the largest jump since March 2022.
Producers also saw higher prices of raw materials businesses use to make other products, which rose 1.8%, led by a jump in prices for food and animal feed (in particular, the price of raw milk soared 9.1%). Still, that was smaller than the 2.6% rise in June.
Read more here.
September rate hold? Investors say it's (sort of) back on the table
Thursday's hot PPI reading has shifted bets on the Fed's next move a bit. According to the CME Group's FedWatch tool, a cut is no longer fully priced in.
Yesterday's odds:
Today's odds (as of 9 a.m. ET):
So the bets on a jumbo cut have in effect switched places with holding steady.
Trending tickers in premarket trading: Bullish, JD.com, Deere, Cisco
Here's a look at the top stocks trending on Yahoo Finance this morning:
Bullish (BLSH): The cryptocurrency exchange operator's stock rose 5% in premarket trading after it posted an 83% gain in its first day of trading. The stock saw gains as high as 215% on Wednesday after it opened for trade at $90. You can read more about the Bullish IPO here.
JD.com (JD): Shares were up 0.2% after the Chinese e-commerce company reported that net income fell by more than 50% year over year amid new investments into the competitive food delivery space in China. Revenue of 356.66 billion yuan ($49.73 billion) beat estimates, however.
Deere (DE): Shares of the farm equipment maker fell 5% as quarterly sales fell 9% from a year ago. Deere also narrowed its full-year profit forecast, and profits for the third quarter came in lighter than expected.
Cisco (CSCO): The networking giant reported earnings that barely beat estimates and results that showed Cisco benefiting from a boom in AI demand. Still, the stock dropped 1.6% in premarket trading.
Check out live coverage of corporate earnings here.
Bitcoin, ethereum trade near record highs as Wall Street grows bullish on crypto
Bitcoin (BTC-USD) saw modest gains to trade at $120,807 on Thursday morning, but the crypto was about 2% off its record high of $123,500 on Wednesday.
As Yahoo Finance's Ines Ferré detailed, inflows into spot exchange-traded funds and public companies adding bitcoin to their balance sheets have been key drivers of this year's token rally. Strategists also point to the Trump administration's pro-crypto stance as a major catalyst.
Meanwhile, ethereum (ETH-USD) prices traded near record levels, climbing 0.5% on Thursday morning to $4,722 per token, just shy of its 2021 record level of around $4,800.
"We have stated multiple times we believe Ethereum is the biggest macro trade over the next 10-15 years," Fundstrat head of research Tom Lee wrote in a note on Wednesday.
Stocks may be at all-time highs, but speculative froth isn't
Yahoo Finance's Hamza Shaban reports:
Read more here.
Good morning. Here's what's happening today.
Economic data: Initial jobless claims (week ending Aug. 9); Producer Price Index, (July);
Earnings: JD.com (JD), Deere & Company (DE), Advanced Auto Parts (AAP), Birkenstock (BIRK), Applied Materials (AMAT), Nucor (NUE)
Here are some of the biggest stories you may have missed overnight and early this morning:
These stock market all-time highs aren't quite frothy
117-year high at busiest port in the US
Earnings: Foxconn beats on AI demand, Deere profit falls
Bullish stock tops $75 after strong IPO debut
US oil producers say OPEC+ 'price war' will halt shale boom
Rate cut next month doesn't seem warranted: Fed's Daly
Trump's Treasury set to decide fate of of wind, solar projects
Trump-fueled crypto frenzy sparks rush to Wall Street IPOs
'Tesla shame' bypasses Norway as sales jump despite Musk's politics
Amazon grocery push stocks still in focus
When Amazon (AMZN) goes big on something, usually the stock prices of its competitors get beaten up.
The latest example came on Wednesday
Amazon announced plans to expand its 1,000-city fresh and perishable same-day grocery delivery to 2,300 cities by year-end. This is a huge deal for the grocery industry. Albertson's (ACI) and Kroger (KR) — aka traditional grocers — saw their share prices fall.
I think this is a big deal for the industry and for Amazon. The impact of Amazon's move won't be felt overnight, but just like the company's impact on department stores in recent years, the aftershocks will be felt over time.
Evercore ISI analyst Michael Montani with some good thoughts this morning:
I don't hate this Cisco quarter
Cisco (CSCO) is always a tricky play around its earnings report.
The company isn't a fast grower, and what the Street focuses on tends to shift from quarter to quarter. Sometimes it's profit margins, sometimes it's product orders, sometimes it's the outlook.
Going through the latest, I don't hate the quarter and outlook. Gross margins were up across the board, and the AI narrative and numbers were solid as well. There was some weakness in the security business, as expected, but the demand drivers out there suggest new full-year guidance could be conservative.
"We think investors should look past Public Sector weakness, which likely hurt Security growth, given the opportunity around Hyperscaler/Enterprise AI, Neoclouds, and Sovereign could quickly offset the weakness. We continue to like Cisco for these drivers of growth, and when paired with a mix shift toward software/subscription over time, healthy free cash flow growth, and shareholder returns, we believe a premium to historical valuations is warranted," KeyBanc analyst Brandon Nispel said.
I am live on Opening Bid today around 9:40 a.m. ET with Cisco's new CFO Mark Patterson. So we'll get to pull apart the numbers and guidance further!
Bullish stock rises to $75 after IPO debut
Yahoo Finance's breaking news reporter Jake Conley looks into the Bullish (BLSH) stock market debut.
Cryptocurrency exchange operator Bullish (BLSH) rose 8% on Thursday before the bell, reaching $75, doubling its IPO price of $37 and valuing the company at more than $10 billion.
Still, this marked around a 16% drop from where the stock opened for trade.
Bullish stock opened for trade at $90 near 1:00 p.m. ET on Wednesday, and the stock traded hands as high as $118 per share shortly after, a more than 215% gain. The stock was halted for trade due to volatility at least twice within the first few minutes of trading.
The company, which operates a crypto exchange and owns the prominent trade publication CoinDesk, priced its IPO at $37 per share on Tuesday, above the $32 to $33 range the company had expected in its second shot at making a public market debut.
Bullish began its IPO processes looking for a price between $28 to $31 per share. At 30 million shares offered, the IPO price saw Bullish raise $1.1 billion and value the fintech company at $5.41 billion.
Bullish first attempted to go public via a SPAC merger in 2021 that would have valued the company at $9 billion, but the deal fell through after regulatory scrutiny and Bullish withdrew its registration.
Read more here
Nvidia partner Foxconn profit jumps after AI spending rises
Foxconn, also known as Hon Hai Precision Industry Co., (2317.TW, HNHPF, HNHAF) said on Thursday it expects higher third-quarter revenue due to robust demand for its artificial intelligence servers, which has helped the world's largest contract electronics maker beat forecasts and see a 27% increase in second-quarter profit.
Reuters reports:
Read more here.
Stocks fall at the open after latest inflation data shows rising producer prices
US stocks sank Thursday at the market open, after the latest Producer Price Index reading showed wholesale inflation climbing much more than expected — a negative sign for hopes of a Fed rate cut in September.
The Dow Jones Industrial Average (^DJI) sank more than 0.4%, while the benchmark S&P 500 (^GSPC) fell over 0.3%. The tech-heavy Nasdaq Composite (^IXIC) lost 0.25%.
US stocks sank Thursday at the market open, after the latest Producer Price Index reading showed wholesale inflation climbing much more than expected — a negative sign for hopes of a Fed rate cut in September.
The Dow Jones Industrial Average (^DJI) sank more than 0.4%, while the benchmark S&P 500 (^GSPC) fell over 0.3%. The tech-heavy Nasdaq Composite (^IXIC) lost 0.25%.
Wholesale inflation rises more than expected in July
The Producer Price Index — a measure of wholesale inflation that tracks changes in the selling prices of US producers of goods and services — rose 0.9% in July, the US Bureau of Labor Statistics reported Thursday, more than the 0.2% expected by analysts surveyed by Bloomberg. That was the biggest jump since June 2022.
That's after the PPI was unchanged in June and advanced a more modest 0.4% in May. Driving the increase in July was a rise in prices for final demand services, or services sold by businesses, which climbed 1.1% — the largest jump since March 2022.
Producers also saw higher prices of raw materials businesses use to make other products, which rose 1.8%, led by a jump in prices for food and animal feed (in particular, the price of raw milk soared 9.1%). Still, that was smaller than the 2.6% rise in June.
Read more here.
The Producer Price Index — a measure of wholesale inflation that tracks changes in the selling prices of US producers of goods and services — rose 0.9% in July, the US Bureau of Labor Statistics reported Thursday, more than the 0.2% expected by analysts surveyed by Bloomberg. That was the biggest jump since June 2022.
That's after the PPI was unchanged in June and advanced a more modest 0.4% in May. Driving the increase in July was a rise in prices for final demand services, or services sold by businesses, which climbed 1.1% — the largest jump since March 2022.
Producers also saw higher prices of raw materials businesses use to make other products, which rose 1.8%, led by a jump in prices for food and animal feed (in particular, the price of raw milk soared 9.1%). Still, that was smaller than the 2.6% rise in June.
Read more here.
September rate hold? Investors say it's (sort of) back on the table
Thursday's hot PPI reading has shifted bets on the Fed's next move a bit. According to the CME Group's FedWatch tool, a cut is no longer fully priced in.
Yesterday's odds:
Today's odds (as of 9 a.m. ET):
So the bets on a jumbo cut have in effect switched places with holding steady.
Thursday's hot PPI reading has shifted bets on the Fed's next move a bit. According to the CME Group's FedWatch tool, a cut is no longer fully priced in.
Yesterday's odds:
Today's odds (as of 9 a.m. ET):
So the bets on a jumbo cut have in effect switched places with holding steady.
Trending tickers in premarket trading: Bullish, JD.com, Deere, Cisco
Here's a look at the top stocks trending on Yahoo Finance this morning:
Bullish (BLSH): The cryptocurrency exchange operator's stock rose 5% in premarket trading after it posted an 83% gain in its first day of trading. The stock saw gains as high as 215% on Wednesday after it opened for trade at $90. You can read more about the Bullish IPO here.
JD.com (JD): Shares were up 0.2% after the Chinese e-commerce company reported that net income fell by more than 50% year over year amid new investments into the competitive food delivery space in China. Revenue of 356.66 billion yuan ($49.73 billion) beat estimates, however.
Deere (DE): Shares of the farm equipment maker fell 5% as quarterly sales fell 9% from a year ago. Deere also narrowed its full-year profit forecast, and profits for the third quarter came in lighter than expected.
Cisco (CSCO): The networking giant reported earnings that barely beat estimates and results that showed Cisco benefiting from a boom in AI demand. Still, the stock dropped 1.6% in premarket trading.
Check out live coverage of corporate earnings here.
Here's a look at the top stocks trending on Yahoo Finance this morning:
Bullish (BLSH): The cryptocurrency exchange operator's stock rose 5% in premarket trading after it posted an 83% gain in its first day of trading. The stock saw gains as high as 215% on Wednesday after it opened for trade at $90. You can read more about the Bullish IPO here.
JD.com (JD): Shares were up 0.2% after the Chinese e-commerce company reported that net income fell by more than 50% year over year amid new investments into the competitive food delivery space in China. Revenue of 356.66 billion yuan ($49.73 billion) beat estimates, however.
Deere (DE): Shares of the farm equipment maker fell 5% as quarterly sales fell 9% from a year ago. Deere also narrowed its full-year profit forecast, and profits for the third quarter came in lighter than expected.
Cisco (CSCO): The networking giant reported earnings that barely beat estimates and results that showed Cisco benefiting from a boom in AI demand. Still, the stock dropped 1.6% in premarket trading.
Check out live coverage of corporate earnings here.
Bitcoin, ethereum trade near record highs as Wall Street grows bullish on crypto
Bitcoin (BTC-USD) saw modest gains to trade at $120,807 on Thursday morning, but the crypto was about 2% off its record high of $123,500 on Wednesday.
As Yahoo Finance's Ines Ferré detailed, inflows into spot exchange-traded funds and public companies adding bitcoin to their balance sheets have been key drivers of this year's token rally. Strategists also point to the Trump administration's pro-crypto stance as a major catalyst.
Meanwhile, ethereum (ETH-USD) prices traded near record levels, climbing 0.5% on Thursday morning to $4,722 per token, just shy of its 2021 record level of around $4,800.
"We have stated multiple times we believe Ethereum is the biggest macro trade over the next 10-15 years," Fundstrat head of research Tom Lee wrote in a note on Wednesday.
Bitcoin (BTC-USD) saw modest gains to trade at $120,807 on Thursday morning, but the crypto was about 2% off its record high of $123,500 on Wednesday.
As Yahoo Finance's Ines Ferré detailed, inflows into spot exchange-traded funds and public companies adding bitcoin to their balance sheets have been key drivers of this year's token rally. Strategists also point to the Trump administration's pro-crypto stance as a major catalyst.
Meanwhile, ethereum (ETH-USD) prices traded near record levels, climbing 0.5% on Thursday morning to $4,722 per token, just shy of its 2021 record level of around $4,800.
"We have stated multiple times we believe Ethereum is the biggest macro trade over the next 10-15 years," Fundstrat head of research Tom Lee wrote in a note on Wednesday.
Stocks may be at all-time highs, but speculative froth isn't
Yahoo Finance's Hamza Shaban reports:
Read more here.
Yahoo Finance's Hamza Shaban reports:
Read more here.
Good morning. Here's what's happening today.
Economic data: Initial jobless claims (week ending Aug. 9); Producer Price Index, (July);
Earnings: JD.com (JD), Deere & Company (DE), Advanced Auto Parts (AAP), Birkenstock (BIRK), Applied Materials (AMAT), Nucor (NUE)
Here are some of the biggest stories you may have missed overnight and early this morning:
These stock market all-time highs aren't quite frothy
117-year high at busiest port in the US
Earnings: Foxconn beats on AI demand, Deere profit falls
Bullish stock tops $75 after strong IPO debut
US oil producers say OPEC+ 'price war' will halt shale boom
Rate cut next month doesn't seem warranted: Fed's Daly
Trump's Treasury set to decide fate of of wind, solar projects
Trump-fueled crypto frenzy sparks rush to Wall Street IPOs
'Tesla shame' bypasses Norway as sales jump despite Musk's politics
Economic data: Initial jobless claims (week ending Aug. 9); Producer Price Index, (July);
Earnings: JD.com (JD), Deere & Company (DE), Advanced Auto Parts (AAP), Birkenstock (BIRK), Applied Materials (AMAT), Nucor (NUE)
Here are some of the biggest stories you may have missed overnight and early this morning:
These stock market all-time highs aren't quite frothy
117-year high at busiest port in the US
Earnings: Foxconn beats on AI demand, Deere profit falls
Bullish stock tops $75 after strong IPO debut
US oil producers say OPEC+ 'price war' will halt shale boom
Rate cut next month doesn't seem warranted: Fed's Daly
Trump's Treasury set to decide fate of of wind, solar projects
Trump-fueled crypto frenzy sparks rush to Wall Street IPOs
'Tesla shame' bypasses Norway as sales jump despite Musk's politics
Amazon grocery push stocks still in focus
When Amazon (AMZN) goes big on something, usually the stock prices of its competitors get beaten up.
The latest example came on Wednesday
Amazon announced plans to expand its 1,000-city fresh and perishable same-day grocery delivery to 2,300 cities by year-end. This is a huge deal for the grocery industry. Albertson's (ACI) and Kroger (KR) — aka traditional grocers — saw their share prices fall.
I think this is a big deal for the industry and for Amazon. The impact of Amazon's move won't be felt overnight, but just like the company's impact on department stores in recent years, the aftershocks will be felt over time.
Evercore ISI analyst Michael Montani with some good thoughts this morning:
When Amazon (AMZN) goes big on something, usually the stock prices of its competitors get beaten up.
The latest example came on Wednesday
Amazon announced plans to expand its 1,000-city fresh and perishable same-day grocery delivery to 2,300 cities by year-end. This is a huge deal for the grocery industry. Albertson's (ACI) and Kroger (KR) — aka traditional grocers — saw their share prices fall.
I think this is a big deal for the industry and for Amazon. The impact of Amazon's move won't be felt overnight, but just like the company's impact on department stores in recent years, the aftershocks will be felt over time.
Evercore ISI analyst Michael Montani with some good thoughts this morning:
I don't hate this Cisco quarter
Cisco (CSCO) is always a tricky play around its earnings report.
The company isn't a fast grower, and what the Street focuses on tends to shift from quarter to quarter. Sometimes it's profit margins, sometimes it's product orders, sometimes it's the outlook.
Going through the latest, I don't hate the quarter and outlook. Gross margins were up across the board, and the AI narrative and numbers were solid as well. There was some weakness in the security business, as expected, but the demand drivers out there suggest new full-year guidance could be conservative.
"We think investors should look past Public Sector weakness, which likely hurt Security growth, given the opportunity around Hyperscaler/Enterprise AI, Neoclouds, and Sovereign could quickly offset the weakness. We continue to like Cisco for these drivers of growth, and when paired with a mix shift toward software/subscription over time, healthy free cash flow growth, and shareholder returns, we believe a premium to historical valuations is warranted," KeyBanc analyst Brandon Nispel said.
I am live on Opening Bid today around 9:40 a.m. ET with Cisco's new CFO Mark Patterson. So we'll get to pull apart the numbers and guidance further!
Cisco (CSCO) is always a tricky play around its earnings report.
The company isn't a fast grower, and what the Street focuses on tends to shift from quarter to quarter. Sometimes it's profit margins, sometimes it's product orders, sometimes it's the outlook.
Going through the latest, I don't hate the quarter and outlook. Gross margins were up across the board, and the AI narrative and numbers were solid as well. There was some weakness in the security business, as expected, but the demand drivers out there suggest new full-year guidance could be conservative.
"We think investors should look past Public Sector weakness, which likely hurt Security growth, given the opportunity around Hyperscaler/Enterprise AI, Neoclouds, and Sovereign could quickly offset the weakness. We continue to like Cisco for these drivers of growth, and when paired with a mix shift toward software/subscription over time, healthy free cash flow growth, and shareholder returns, we believe a premium to historical valuations is warranted," KeyBanc analyst Brandon Nispel said.
I am live on Opening Bid today around 9:40 a.m. ET with Cisco's new CFO Mark Patterson. So we'll get to pull apart the numbers and guidance further!
Bullish stock rises to $75 after IPO debut
Yahoo Finance's breaking news reporter Jake Conley looks into the Bullish (BLSH) stock market debut.
Cryptocurrency exchange operator Bullish (BLSH) rose 8% on Thursday before the bell, reaching $75, doubling its IPO price of $37 and valuing the company at more than $10 billion.
Still, this marked around a 16% drop from where the stock opened for trade.
Bullish stock opened for trade at $90 near 1:00 p.m. ET on Wednesday, and the stock traded hands as high as $118 per share shortly after, a more than 215% gain. The stock was halted for trade due to volatility at least twice within the first few minutes of trading.
The company, which operates a crypto exchange and owns the prominent trade publication CoinDesk, priced its IPO at $37 per share on Tuesday, above the $32 to $33 range the company had expected in its second shot at making a public market debut.
Bullish began its IPO processes looking for a price between $28 to $31 per share. At 30 million shares offered, the IPO price saw Bullish raise $1.1 billion and value the fintech company at $5.41 billion.
Bullish first attempted to go public via a SPAC merger in 2021 that would have valued the company at $9 billion, but the deal fell through after regulatory scrutiny and Bullish withdrew its registration.
Read more here
Yahoo Finance's breaking news reporter Jake Conley looks into the Bullish (BLSH) stock market debut.
Cryptocurrency exchange operator Bullish (BLSH) rose 8% on Thursday before the bell, reaching $75, doubling its IPO price of $37 and valuing the company at more than $10 billion.
Still, this marked around a 16% drop from where the stock opened for trade.
Bullish stock opened for trade at $90 near 1:00 p.m. ET on Wednesday, and the stock traded hands as high as $118 per share shortly after, a more than 215% gain. The stock was halted for trade due to volatility at least twice within the first few minutes of trading.
The company, which operates a crypto exchange and owns the prominent trade publication CoinDesk, priced its IPO at $37 per share on Tuesday, above the $32 to $33 range the company had expected in its second shot at making a public market debut.
Bullish began its IPO processes looking for a price between $28 to $31 per share. At 30 million shares offered, the IPO price saw Bullish raise $1.1 billion and value the fintech company at $5.41 billion.
Bullish first attempted to go public via a SPAC merger in 2021 that would have valued the company at $9 billion, but the deal fell through after regulatory scrutiny and Bullish withdrew its registration.
Read more here
Nvidia partner Foxconn profit jumps after AI spending rises
Foxconn, also known as Hon Hai Precision Industry Co., (2317.TW, HNHPF, HNHAF) said on Thursday it expects higher third-quarter revenue due to robust demand for its artificial intelligence servers, which has helped the world's largest contract electronics maker beat forecasts and see a 27% increase in second-quarter profit.
Reuters reports:
Read more here.
Foxconn, also known as Hon Hai Precision Industry Co., (2317.TW, HNHPF, HNHAF) said on Thursday it expects higher third-quarter revenue due to robust demand for its artificial intelligence servers, which has helped the world's largest contract electronics maker beat forecasts and see a 27% increase in second-quarter profit.
Reuters reports:
Read more here.
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