Wall Street today: Dow Jones, S&P 500, Nasdaq retreat after hotter-than-expected producer prices data

US stock indices retreated on Thursday after a hotter-than-expected wholesale inflation data dampened investor hopes of interest rate cuts by the Federal Reserve this year.

A Labor Department report showed the Producer Price Index (PPI) rose 0.9% in July on a month-on-month basis, much greater than Wall Street estimates.

It stood at 3.3% on an annual basis last month.

The disappointing PPI data comes as a surprise after Tuesday’s reading on consumer prices suggested stable inflation in spite of President Donald Trump’s tariffs.

At 09:42 AM ET, the Dow Jones Industrial Average fell 164.29 points, or 0.37%, to 44,757.98, the S&P 500 lost 16.84 points, or 0.26%, to 6,449.74 and the Nasdaq Composite lost 22.69 points, or 0.10%, to 21,690.45.

At the opening bell, the Dow Jones Industrial Average fell 31.4 points, or 0.07%, to 44,890.84. The S&P 500 fell 13.1 points, or 0.20%, to 6,453.46, while the Nasdaq Composite dropped 63.9 points, or 0.29%, to 21,649.211.

Gainers and Losers

Deere & Co stock tumbled 8% after the company reported a drop in quarterly profit.

Cisco Systems shares fell 1% after the network equipment manufacturer’s broadly in-line forecast.

Bullion

Gold prices were muted on Thursday after hotter-than-expected US wholesale inflation data and a drop in jobless claims.

As of 9:15 AM ET (1315 GMT), spot gold fell 0.1% to $3,352.65 per ounce. US gold futures for December delivery were down 0.2% to $3,400.60.

Among other metals, spot silver lost 1% to $38.11 per ounce, platinum gained 1% to $1,352.60 and palladium rose 1.7% to $1,140.81.

Oil prices were stable on Thursday on uncertainty over US-Russia talks on Ukraine and US President Donald Trump’s threat of “severe consequences” for Moscow if it does not agree to peace.

Brent crude futures were up 49 cents, or 0.75%, at $66.12 a barrel by 1303 GMT, while US West Texas Intermediate crude futures rose 51 cents, or 0.81%, to $63.16.