Investing.com -- The S&P 500 closed higher Thursday, shrugging off a hotter-than-anticipated producer price data as focus shifted to the widely expected Federal Reserve interest rate cut next week.The producer price index for final demand in August increased by 0.2% in August, above estimates of 0.1%. The July was also revised down to show that PPI was unchanged, rather than inching up by 0.1%, according to the US Bureau of Labor Statistics.
While the August headline and core PPI came in slightly above expectations on a monthly basis, there soft components in the the report including both nursing care facilities and portfolio management and investment advice that filter in the Fed's preferred measure of inflation, or PCE, that point to easing price pressures, Evercore ISI said.
Moderna said it would cut its R&D expense by about $1.1 billion starting in 2027 in light of"recent commercial challenges," and now expects 2025 revenue of $2.5 billion to $3.5 billion.) gained 1% even as the airplane maker could be facing a strike as soon as Friday should more than 30,000 of the planemaker's workers in the US Pacific Northwest vote to begin a work stoppage and reject a tentative labor deal.
However, the employees, who are represented by the International Association of Machinists District 751, are likely to reject the deal on Thursday, according to media reports. Workers are reportedly asking for bigger wage increases and other improvements to the agreement.) lifted its Q3 outlook, driven by strong summer demand.
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