Markets today: Stocks climb after PPI as Starbucks surges 20%

A Wall Street street sign in front of the New York Stock Exchange in New York, US, on Wednesday, July 31, 2024. --

To Ian Lyngen at BMO Capital Markets, there isn’t anything in the latest inflation data that would suggest the Fed will have any hesitation cutting rates next month. The producer price index for final demand increased 0.1 per cent from a month earlier. The median forecast in a Bloomberg survey of economists called for a 0.2 per cent gain. Compared with a year ago, the PPI rose 2.2 per cent. Excluding the volatile food and energy categories, it was unchanged in July from the prior month — the tamest reading in four months.

David Russell at TradeStation says PPI data gave gives further evidence that the tide has turned on inflation, especially in services. Bank of America Corp. clients were net buyers of U.S. equities for the first time in more than a month last week, snapping up shares during the rout and subsequent recovery.

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