Wall Street today: US stock indices mixed after PPI inflation data, Moderna drops 18% on lower sales forecast | Stock Market News
Source: Live Mint
US stocks were mixed on Thursday after hot Producer Prices Index (PPI) data.
US wholesale prices rose by 0.2 per cent in August, putting the index on an annual basis at 1.7 per cent, down from a revised 2.1 per cent.
The PPI, excluding food and energy components, rose by 0.3 per cent.
As of 9:35 am Eastern time, the Dow Jones Industrial Average was up 0.1 per cent, the S&P 500 was virtually unchanged, and the Nasdaq Composite was 0.1 per cent higher.
At the opening bell, the Dow Jones Industrial Average fell 0.4 point to 40862.11. The S&P 500 rose 3.3 points, or 0.06 per cent, to 5557.48, while the Nasdaq Composite rose 18.4 points, or 0.11 per cent, to 17413.889.
Following Wednesday’s CPI andThursday’s PPI inflation data, investors are now eyeing interest rates cut by the Federal Reserve next week.
Drugmaker Moderna’s shares dropped 17.8 per cent after the company forecast sales lower than analysts’ estimates.
Micron Technology shares fell by more than 5 per cent after a report that Exane BNP Paribas downgraded the chipmaker’s stock to “underperform” from “outperform.”
In the bond market, the yield on the 10-year Treasury rose to 3.68 per cent from 3.66 per cent late on Wednesday. The 2-year Treasury yield rose to 3.66 per cent from 3.65 per cent.
Crude oil
Oil prices rose more than 1 per cent on Thursday on concerns about Francine’s hurricane’s impact on US output.
Brent crude futures for November were up 95 cents, or 1.4 per cent to $71.56 a barrel by 1322 GMT. US crude futures for October rose $1.02, or 1.5 per cent, at $68.33.
Bullion
Gold prices rose more than 1 per cent to hit a record high on Thursday on expectations of an interest rate cut by the Federal Reserve next week.
Spot gold was up 1.6 per cent at $2,551.19 per ounce, as of 9:46 am ET (1346 GMT) while US gold futures were up 1.4 per cent at $2,578.90.
Spot silver added 2.3 per cent.
