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Stock market today: US stocks edge higher as wholesale inflation rises less than expected

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Producer Prices,Consumer Prices

Investors were bracing for a wholesale inflation print, after a surprise uptick in CPI shook markets and undermined bets on interest-rate cuts.

US stocks opened slightly higher on Thursday after a cooler-than-expected reading on producer prices helped soothe investor worries stemmed by Wednesday's surprise uptick in consumer prices. The Dow Jones Industrial Average gained 0.1% and S&P 500 opened 0.2% higher, coming off a rout that saw the gauges drop about 1%. The tech-heavy Nasdaq Composite gained roughly 0.4%. Meanwhile, the 10-year Treasury yield traded around 4.

The market is now pricing in just two rate cuts in 2024, to come later in the year than foreseen. A handful of analysts believe no cuts or even a hike may be possible, depending on how economic data shape up. Across the pond, the European Central Bank held rates steady at record highs but gave a clear signal that rate cuts were on the way. Read more: What the Fed rate decision means for bank accounts, CDs, loans, and credit cards.

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