at the wholesale level in the United States, before many price changes are passed along to consumers, with the producer price index reading for April reaching 0.5%, higher than forecast.
A bigger test for markets comes later Wednesday, when the U.S. will release its monthly update on consumer prices, or inflation faced by households. Economists expect the consumer price index to ease to 3.4% in April on a year-over-year basis. In China, the Shanghai Composite index slipped 0.4% to 3,133.47 after the central bank kept a key lending rate unchanged Wednesday, signaling Beijing’s focus on maintaining monetary stability.Markets in South Korea and Hong Kong were closed for a holiday.
The Nasdaq composite, which is heavily influenced by technology stocks, jumped 0.8% to 16,511.18. The tech sector has been a driving force for much of the broader market’s gains this year. including GameStop and AMC Entertainment, raced higher in a reprise of the social-media driven frenzy of three years ago. GameStop jumped 60.1% and AMC rose 32%. Both stocks gave back much of their gains from earlier in the day.
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