News

Indexes fell on Thursday after the latest inflation update showed wholesale prices rising slightly more than expected.

The Nasdaq Composite is coming off of a record-setting day on Wednesday, closing above 20,000 for the first time as tech soared. Tesla stock hit a fresh all-time high in the previous session, helping Elon Musk claim the title of first person to achieve a net worth of $400 billion .

The producer price index on Thursday showed wholesale prices rose 0.4% in November, according to data from the Bureau of Labor Statistics. That's higher than consensus estimates of 0.2%, and marks a 3% rise year-over-year.

Meanwhile, core PPI, which excluded more volatile food and energy prices, rose 0.2%, which was in line with economists' expectations.

The data follows the release of the consumer price index on Wednesday, which showed inflation coming in at 2.7% on an annual basis in November, slightly outpacing October's 2.6% rise but in line with expectations.

If inflation remains hot, it could hamstring the Federal Reserve's ability to cut interest rates. Traders seem to think a mild 25 basis point cut at the Fed's meeting next week, though, is all but certain, according to CME's FedWatch tool.

In other news, jobless claims came in at 242,000 for last week, the Labor Department reported on Thursday. That number marks the highest level since early October, and comes in above forecasts of 220,000.

Here's where US indexes stood shortly after the 9:30 a.m. opening bell on Thursday:

Here's what else is happening:

In commodities, bonds, and crypto:

Read the original article on Business Insider