Cooler-than-expected producer prices contributed to hopes for easing inflation on Wednesday.
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Fresh signs of cooling U.S. inflation revive demand for Treasuries, pushing yields down. June producer price index falls 0.3%. Ex-food and energy, PPI rises 0.2%. Both measures come below WSJ consensus forecast.
Year over year wholesale inflation pulls back to +5.5%, 100 bps lower than last month's initial print.
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July 15 (Reuters) - Wall Street's main indexes opened higher on Wednesday, as investors weighed softer-than-expected producer inflation data and a flurry of corporate earnings, while PayPal surged on
U.S. stocks caught a break this week—and found a window in which to exploit it over the next two weeks—as inflation data suggest a taming of Federal Reserve rate-hike bets and the outlook from a key player in the market for artificial intelligence outpaced Wall Street’s forecasts. Tuesday’s inflation data got the ball rolling, with the softest monthly print since the Covid-19 pandemic and annual gains that fell shy of Wall Street estimates cratering bets on a July Fed rate hike.
A cooler-than-expected PPI print helped solidify stock futures' climb into the green. Nasdaq futures led, up 0.6%. S&P 500 futures and Dow futures both rose 0.2%. June's producer price index came in at 5.