Most stocks fell Thursday on Wall Street after a new report said inflation was worse last month at the US wholesale level than economists expected. Seven out of every 10 stocks in the S&P 500 fell. Gains for Amazon and certain other influential Big Tech companies helped mask the losses.
- The Dow fell 11.01 points, or less than 0.1%, to 44,911.26.
- The S&P 500 rose 1.96 points, or less than 0.1%, to 6,468.54.
- The Nasdaq composite fell 2.47 points, or less than 0.1%, to 21,710.67.
The inflation report said that prices jumped 3.3% last month at the US wholesale level from a year earlier. That was well above the 2.5% rate that economists had forecast, the AP reports, and it could hint at higher inflation ahead for US shoppers as it makes its way through the system. The data forced traders to second-guess their consensus that the Federal Reserve will cut interest rates at its next meeting in September. "This doesn't slam the door on a September rate cut," but it may raise doubt, said Chris Larkin of at E-Trade from Morgan Stanley.
On Wall Street, Tapestry tumbled after the company behind the Coach and Kate Spade New York brands showed it's feeling the pressure of tariffs. It detailed how much profit it could lose in its upcoming fiscal year because of tariffs and duties, and its forecast for profit fell short of analysts' expectations even though its forecast for revenue came in above. Its stock fell 15.7%, despite it reporting a stronger profit for the latest quarter than analysts expected. Deere fell 6.8% though the machinery maker likewise delivered a better profit than expected. There, too, the focus was on where profits are heading. On the winning side was Fossil Group, which jumped 29.8% after the seller of watches and other accessories reported better profit than expected. Amazon rose 2.9% to add to its gains from the prior day.
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