Wall Street today: US stocks gain after softer-than-expected producer inflation data, Tesla jumps 4% | Stock Market News
Source: Live Mint
US stock indices gained on Tuesday after softer-than-expected producer inflation data.
The Producer Price Index (PPI) rose 3.3 per cent on an annual basis in December 2024. On a monthly basis, the index rose 0.2 per cent, showed a Labor Department report.
At 09:50 a.m. ET, the Dow Jones Industrial Average rose 131.20 points, or 0.31 per cent, to 42,428.32, the S&P 500 gained 21.84 points, or 0.37 per cent, to 5,858.06, and the Nasdaq Composite gained 122.50 points, or 0.64 per cent, to 19,209.39.
At the opening bell, the Dow Jones Industrial Average rose 69.3 points, or 0.16 per cent, to 42,366.42. The S&P 500 rose 23.1 points, or 0.39 per cent, to 5,859.27, while the Nasdaq Composite rose 119.6 points, or 0.63 per cent, to 19,207.748.
The Consumer Price Index (CPI) report, expected on Wednesday, will now be closely watched.
Among megacap stocks, Tesla jumped about 4 per cent, Nvidia climbed 1.2 per cent and Amazon.com added 1.4 per cent.
Applied Digital stock soared 16 per cent after a report said Macquarie would take a 15 per cent stake in it and also invest up to $5 billion in the company’s AI data centers.
Eli Lilly shares slid 8.2 per cent after saying it expects sales of a popular weight-loss drug and related diabetes treatment to miss estimates in the fourth quarter.
In the bond market, the yield on the 10-year Treasury ticked up to 4.80 per cent from 4.78 per cent late on Monday. The 2-year Treasury yield edged down to 4.38 per cent from 4.39 per cent.
Bullion
Gold prices were steady on Tuesday, with spot gold little changed at $2,663.29 per ounce as of 9:40 am ET (1440 GMT).
US gold futures fell 0.1 per cent to $2,676.40. Spot silver rose 0.4 per cent to $29.71 per ounce.
Crude oil
Oil prices slipped on Tuesday from the previous day’s four-month highs.
Brent futures were down 58 cents, or 0.72 per cent, to $80.43 a barrel by 1421 GMT, while US West Texas Intermediate (WTI) crude fell 62 cents, or 0.79 per cent to $78.20 a barrel.
