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Stock market news today: July PPI report shows inflation still around

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US stocks drop after wholesale inflation comes in hotter than expected

US stocks edged lower on Friday after the Producer Price Index showed wholesale inflation picked up 0.3% in July, ahead of estimates for a 0.2% rise.

The higher-than-expected inflation report was driven by services and comes just one day after the July CPI report showed cooler-than-expected inflation. Treasury yields moved slightly higher following the data. Despite the conflicting data, investors still expect the Federal Reserve to pause their interest rate hikes at their September FOMC meeting, according to the CME FedWatch Tool. But that doesn't mean interest rate hikes are over, as the Fed is still awaiting the August CPI and jobs report to inform its decision.

"The increase in wholesale prices serves as a reminder that the data-dependent Fed isn't ready to declare victory on its campaign to quell inflation," LPL's chief global strategist Quincy Krosby said."Today's report offers the hawkish wing of the Fed more ammunition to advocate for another rate hike before the Fed is convinced it's reached its terminal rate."

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