Stocks waver after inflation data surprise, Fed minutes: Stock market news today

US stocks lost momentum on Wednesday, as investors assessed hotter-than-expected wholesale inflation data and looked to Federal Reserve minutes for a window into policymakers' thinking on interest rates.at the fastest pace since April, with the producer price index for September climbing 2.2% from a year earlier, compared with the 1.6% gain expected.

Shares of of drugmakers Novo Nordisk and Eli Lilly rose on Wednesday, up about 5% and 4%, respectively, after Novo said a trial of its diabetes drug, Ozempic, showed early signs of delaying kidney failure. LLY makes a similar drug for the treatment of diabetes."It gets better from here," BofA strategists Ohsung Kwon and Savita Subramanian wrote in a research note on Wednesday.

The rise comes amid higher energy and food costs with oil prices reaching the highest level in over a year last month. Excluding those components, PPI ticked up 0.3% in September, slightly above estimates of 0.2%. The lone power plant in the Gaza Strip shut down on Wednesday after it ran out of fuel, as Israel followed through with its threat to no longer send supply the facility.Despite automakers embracing electrification trends, car buyers are hesitant to buy into the EV hype, pointing to affordability and charging range anxieties.

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