US stocks lost momentum on Wednesday, as investors assessed hotter-than-expected wholesale inflation data and looked to Federal Reserve minutes for a window into policymakers' thinking on interest rates.at the fastest pace since April, with the producer price index for September climbing 2.2% from a year earlier, compared with the 1.6% gain expected.
More investors are now betting the Federal Reserve won't hike interest rates at its November meeting, as the recent surge in bond yields is seen ason the NYSE on Wednesday, after pricing its IPO at $46 a share. That values the German sandal maker at $8.64 billion.Germany-based footwear company Birkenstock is indicated to open between $42 and $44 a share, below its IPO price of $46, as the company preps its much-anticipated Wall Street debut.
Birkenstock’s public debut will be the fourth US IPO in the past month, following the debuts of Arm Holdings, Klaviyo and Instacart.The Producer Price Index for final demand increased more than expected in September, rising 0.5% on a seasonally adjusted basis, according to data released by theThe 0.5% increase followed a 0.7% increase in August and a 0.6% in July, according to the report. The measure increased 2.2% on a year-over-year basis, well ahead of estimates of 1.6%.
"While we would expect the Fed look past volatility in the energy market, less encouraging is the pickup in core services momentum," Oxford Economists economist Matthew Martin wrote in reaction to the report."Officials are committed to reigning in inflation, but we expect prices to slow enough over the coming quarters to keep additional rate hikes off the table.
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