Stock market today: Indexes tick higher as producer inflation comes in cool
- Stocks rose after cooler-then-expected producer inflation data.
- Investors are now looking ahead to Wednesday’s consumer price index data.
- Earnings season will also kick off tomorrow, with major banks scheduled to report.
US stocks gained after cooler-than-expected producer price index data soothed inflation concerns.
The numbers on Tuesday showed wholesale inflation rose 0.2% in December on a monthly basis, compared to an estimated 0.4% increase. The reading climbed 3.3% from a year ago, below the projected 3.5% gain.
“All eyes are now on Wednesday’s CPI report, which may be the most important inflation reading in recent memory, as it will fuel the market’s Fed-obsessed sentiment,” said Chris Brigati, chief investment officer at SWBC. “A strong inflation number adds to this idea of no cuts in 2025, and potentially even a rate hike, while a weak inflation data point may help to calm the market’s Fed fears.”
Wednesday will also kick off fourth-quarter earnings season, with multiple major US banks including JPMorgan and Wells Fargo set to report.
Here’s where US indexes stood at 10:35 a.m. on Tuesday:
Here’s what else is happening:
In commodities, bonds, and crypto:
- West Texas Intermediate crude oil slid 1.7% to $77.52 a barrel
- Brent crude, the international benchmark, fell 1.3% to $79.95 a barrel.
- Gold rose by 0.2% to $2,684.40 an ounce.
- The 10-year Treasury yield rose 1 basis point to 4.79%.
- Bitcoin rose 2.7% to $96,718.