US stocks jump as consumers remain strong despite inflation pressure

us-stocks-jump-as-consumers-remain-strong-despite-inflation-pressure

Filip De Mott

TIMOTHY A. CLARY / Getty US stocks jumped Thursday as consumers remained strong despite inflationary pressures. Retail sales in August climbed 0.6% from the prior month, well above estimates for a 0.1% uptick. Wholesale inflation was higher than expected, after consumer inflation also came in hot. Loading Something is loading.

Thanks for signing up!

Access your favorite topics in a personalized feed while you’re on the go.

US stocks rose Thursday morning as investors weighed strength in retail sales against a hotter-than-expected inflation report.

Retail sales in August climbed 0.6% from the prior month, well above estimates for a 0.1% uptick. Excluding autos, sales were up 0.6%, topping forecasts for a 0.4% gain.

Meanwhile, the producer price index increased 0.7% in August, ahead of expectations for a 0.4% rise. Though this marks the largest gain in more than a year, core PPI was in line with estimates, rising 0.2%. That followed Wednesday’s consumer price index report, which also came in hot.

Both reports add pressure on the Federal Reserve keep interest rates higher for longer, and just over 35% of investors see the chance of a 25-basis-point hike in November.

Here’s where US indexes stood at the 9:30 a.m. opening bell on Thursday: 

S&P 500: 4,488.85, up 0.48%Dow Jones Industrial Average: 34,739.86, up 0.48% (164.33 points)Nasdaq Composite: 13,869.41, up 0.40%Here’s what else is going on today: 

US office vacancy rates have eclipsed 2008 highs, deepening the commercial-property crisis. Warren Buffett’s Berkshire Hathaway unloaded $158 million in HP stock, but still holds a 11.7% stake.Tesla could reach a $4 trillion valuation, according to billionaire investor Ron Baron.Investors should “buckle up” ahead of a fourth-quarter recession, notorious bear John Hussman said.In commodities, bonds, and crypto: 

West Texas Intermediate crude oil gained 0.71% at $89.22 a barrel. Brent, the international benchmark, rose 1.39% to $93.23 a barrel. Gold stayed essentially flat at $1,909.88 per ounce. The yield on the 10-year Treasury bond climbed 1.2 basis points to 4.262%. Bitcoin edged up 1.1% to $26,423.  Read next

MI Exclusive daily market wrap Stocks More…


Leave a comment

Your email address will not be published. Required fields are marked *