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Stocks Retreat as Inflation Report Surprises

Stocks retreated on Friday following the release of the latest inflation report, which came in higher than anticipated. The Dow Jones Industrial Average traded 32 points lower, or 0.1%, while the S&P 500 pulled back by 0.4% and the Nasdaq Composite slid 0.6%. The sell-off in semiconductor stocks, including Advanced Micro Devices, Nvidia, and Micron, contributed to the decline in the Nasdaq Composite.

July’s producer price index rose 0.3% from the previous month, exceeding economists’ expectations of a 0.2% increase. This report is closely monitored by the Federal Reserve and market participants. Quincy Krosby, Chief Global Strategist at LPL Financial, noted that the increase in wholesale prices indicates that the Fed is not ready to declare victory in its efforts to control inflation. This report provides more ammunition for the hawkish wing of the Fed to advocate for another rate hike.

Yesterday’s consumer price index for July came in softer than expected on a year-over-year basis, with prices rising 3.2% annually, slightly below the consensus estimate of 3.3%. However, the core CPI, which excludes volatile food and energy costs, increased by 4.7% from the previous year.

For the week, the S&P 500 and Nasdaq are heading for declines of 0.5% and 1.7%, respectively. This marks the second consecutive losing week for both indices. The Dow, on the other hand, is on track for a marginal gain, making it an outlier among the three major averages.

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