From Nasdaq:

Wall Street’s main indexes were subdued after a report showed that producer prices in January increased more than expected, leading to concerns about rising inflation and causing speculation about forthcoming interest rate cuts to be pushed back by the U.S. Federal Reserve. The Tech-Heavy Nasdaq is set to snap a five-week winning streak, and the 10-year Treasury yields spiked after the report.

The producer price index data validated the Fed’s wait-and-see approach to cut rates, spiking 10-year Treasury yields to 4.291%. Meta Platforms fell 1.8% and dragged the S&P 500 down 1.1%, while the S&P 500 saw corporate earnings boost it above the 5,000-point mark.

Vulcan Materials gained 6.9% after forecasting a higher full-year profit, aiding a 1.1% rise in the S&P 500 materials sector index. Roku slumped 22.5% after forecasting a bigger first-quarter loss, while Coinbase jumped 15.8% on posting its first profit since 2021.

Monthly changes in US Producer Price Index are available at https://reut.rs/3SX7WUp. The views and opinions expressed are those of the author and do not necessarily reflect those of Nasdaq, Inc.



Read more: US STOCKS-Wall St muted after hot inflation data douses early rate-cut hopes