US stocks hold steady after wholesale prices jump
Traders working on the floor of the New York Stock Exchange, in New York City, on Aug 14.
NEW YORK - Wall Street stocks shook off early losses to finish essentially flat on Aug 14 as markets digested disappointing inflation data that complicates expectations for lower Federal Reserve interest rates.
The producer price index rose 0.9 per cent on a month-on-month basis, much greater than analysts expected following benign consumer pricing data earlier this week.
The Dow Jones Industrial Average finished down less than 0.1 per cent at 44,911.26.
The broad-based S&P 500 edged up less than 0.1 per cent to 6,468.54, while the tech-rich Nasdaq Composite Index was virtually unchanged at 21,710.67.
Markets have been monitoring inflation in light of President Donald Trump's tariffs, with an Aug 12 consumer price report adding to confidence the Fed will lower rates in September.
But after the Aug 14 report, a potential half-point interest rate cut is probably 'off the table,' said Mr Jack Ablin, of Cresset Capital Management.
The report 'suggests that companies are currently bearing the brunt of tariffs,' Mr Ablin said.
Top stories
Swipe. Select. Stay informed.
Singapore Over 100 people being investigated for vape offences, say MOH and HSA
Singapore Bukit Merah fire: Residents relocated as town council carries out restoration works
Singapore askST: What to do in the event of a fire at home
Singapore Jalan Bukit Merah fire: PMD battery could have started fatal blaze, says SCDF
Singapore askST: What are the fire safety rules for PMDs?
Asia AirAsia flight from KL to Incheon lands at wrong airport in South Korea
Asia India and China work to improve ties amid Trump's unpredictability
Singapore From quiet introvert to self-confident student: How this vulnerable, shy teen gets help to develop and discover her strength
'We would expect that companies will start to pass these costs along.'
Among individual companies, Intel surged 7.4 per cent following a Bloomberg News report that Mr Trump is
considering an investment in the beleaguered chip company in exchange for a government stake.
Such a deal would represent Mr Trump's latest departure from the US government's traditional laissez-faire posture towards business.
Deere & Co sank 6.8 per cent after it reported a drop in profits and lowered the ceiling of its full-year earnings range. AFP
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
CNA
37 minutes ago
- CNA
Intel shares rise as report of likely government stake stokes hopes of US aid
Intel shares rose nearly 3 per cent on Friday on hopes of more financial aid for the turnaround of the struggling chipmaker after a report that the U.S. government may buy a stake. The Bloomberg News report followed a meeting between CEO Lip-Bu Tan and President Donald Trump on Monday after Trump demanded the new Intel chief's resignation over his "highly conflicted" ties to Chinese firms. Trump, who called the meeting "very interesting", has taken an unprecedented approach to interventions and deal-making with corporate America. His administration had struck a deal with MP Materials that would make the Department of Defense the largest shareholder of the rare-earth producer. Federal backing could give Intel more time to revive its loss-making foundry business, analysts said, but it still faces a weak product roadmap and trouble attracting customers for new factories. Under the Biden administration, Intel had emerged as one of the biggest beneficiaries of the 2022 CHIPS Act, as former CEO Pat Gelsinger laid out plans to build advanced factories. Tan, however, pared back such ambitions, slowing construction of new plants in Ohio. He plans to build factories based on demand for the services, which analysts have said could put him at odds with Trump's push to shore up American manufacturing. The report said a deal would help build out the Ohio plant, which has faced delays and was expected to be completed by 2030. It could be a "game-changer", said Matt Britzman, senior equity analyst at Hargreaves Lansdown. But he warned "government support might help shore up confidence, but it doesn't fix the underlying competitiveness gap in advanced nodes." Intel lost its competitive edge years ago to Taiwan's TSMC. It has virtually no presence in the booming AI chips market dominated by Nvidia and is losing market share in PCs and datacenters to AMD. Its latest 18A manufacturing process is facing quality issues, Reuters has reported, as only a small share of chips produced are good enough for customers, while it remains partly dependent on TSMC to make Intel in-house designed chips. "Intel also needs capability; can the US government do anything to help here?" Bernstein analysts said.
Straits Times
2 hours ago
- Straits Times
Flick keeps faith in Barcelona to register new recruits ahead of LaLiga opener
Sign up now: Get ST's newsletters delivered to your inbox FILE PHOTO: Soccer Football - Friendly - Joan Gamper Trophy - FC Barcelona v Como - Estadi Johan Cruyff, Barcelona, Spain - August 10, 2025 FC Barcelona coach Hansi Flick speaks to the fans before the match REUTERS/Bruna Casas/File Photo Barcelona coach Hansi Flick remains confident his club will register key players including new signings Joan Garcia and Marcus Rashford in time for Saturday's LaLiga opener at Mallorca, despite ongoing financial fair play complications. The Spanish champions are still scrambling to register players due to LaLiga's strict financial rules, having spent more on signings and wages than they have generated in revenue for multiple seasons. "For me, the situation, you can imagine I'm not happy about that. But I know the situation and I believe in the club," Flick told reporters on Friday. "We have to wait till tomorrow. It was the same situation last season. "We will focus on what we can change and what is in our hands. The other things, I believe in the club." Barcelona signed goalkeeper Garcia from local rivals Espanyol in June while Wojciech Szczesny has signed an extension, but neither player has been registered yet. The club's registration headache has been partly resolved through some dramatic internal manoeuvring involving captain Marc-Andre ter Stegen. Top stories Swipe. Select. Stay informed. Singapore Ong Beng Seng fined $30k in case linked to ex-minister Iswaran after judge cites judicial mercy Singapore Why was Ong Beng Seng fined instead of jailed? Key points from the case Asia Sun Haiyan, ex-China ambassador to S'pore, detained for questioning: Sources Singapore Father of 4 among S'poreans arrested in CNB raids; drugs worth over $128k seized Life Online travel agencies Klook and make debut at Natas Travel Fair Singapore Jail for drink-driving cop in hit-and-run accident; victim suffered multiple fractures The German keeper initially refused to sign a long-term medical leave agreement that would clear 80% of his wages and help the club comply with financial rules. Sidelined for at least three months due to surgery, he was stripped of his captaincy before it was reinstated when he eventually agreed to the deal. "I think the most important thing is that everyone speaks together. Marc and the club, they spoke," Flick said. "The most important thing for me, for Marc and the club is that he comes back. "He's shown for many years here that he's a fantastic goalkeeper and the important thing is that he comes back and is ready to play. We'll all help him, we're all on his side." The departure of 34-year-old defender Inigo Martinez to Saudi Arabia's Al-Nassr has also freed up crucial salary space, although Flick admitted mixed feelings about losing the veteran who was a mainstay in central defence. "I was a little bit surprised but I could totally understand him. I'm not happy that he left, he's a fantastic player and has a great personality," Flick said. "He was one of our leaders, he was outstanding not only as a player but also a personality in the dressing room. He deserves this and I wish him all the best." Despite the defensive reshuffle, Flick indicated he will not rush into the transfer market, backing the versatile 23-year-old Gerard Martin to step up. "Gerard can also play in this position. From what I've seen, I really appreciate that. Last season, as a left back, he was fantastic and improved a lot," he added. "When he played as centre back, he was doing well. He's a good option. I like players who can play in different positions." REUTERS
Business Times
2 hours ago
- Business Times
Taiwan lifts 2025 growth forecast, defying US tariff worries
[TAIPEI] Taiwan raised its estimate for growth in 2025, easing some concern over the impact of US duties on an economy that has roared on tech exports. Gross domestic product is set to expand 4.45 per cent this year, the statistics bureau in Taipei said in a statement on Friday (Aug 15) – its first estimate since the Trump administration hit the archipelago's shipments with 20 per cent tariffs. The new figure is up from the 3.1 per cent predicted in May. In a sign the government is confident demand for Taiwan's products will persist, the bureau predicted exports will rise 24.04 per cent this year, up from the previous call of 8.99 per cent. Taiwan's economy has done well because its tech exports have been in great demand during the AI boom and companies front-loaded purchases before tariffs landed. The government in Taipei has said the 20 per cent tariff level is temporary and that it will continue negotiating with the US to get a better deal. In its first forecast for next year, the statistics bureau said GDP is seen expanding by 2.81 per cent. The prediction for 2025 consumer price index was trimmed to 1.76 per cent, from 1.88 per cent. The tariff blow could ultimately be smaller than feared for Taiwan. President Donald Trump has also said he planned to impose a 100 per cent levy on semiconductor imports but that firms investing in the US would be exempt. A Taiwanese official said earlier that Taiwan Semiconductor Manufacturing– the self-ruled archipelago's largest company and a key supplier of advanced chips to Nvidia and Apple – shouldn't be subject to those duties because it has plants in the US. BLOOMBERG
