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US wholesale prices jumped by 0.5 per cent in April, much above estimates in a dynamic that could keep Federal Reserve interest rates higher for longer. “The numbers were more or less in line,” said Steve Sosnick of Interactive Brokers, who pointed to Wednesday’s consumer price report as a key test for stocks.Following a mixed day on bourses in Europe and Asia, major stock indices in New York advanced, with the Nasdaq jumping 0.8 per cent to finish at a record.
Analysts said a miss in either direction on CPI could have a big impact on markets. “CPI is likely the keystone of the entire week, and any above-expected climb could cause a market pullback,” said Cooper Howard, director of fixed income strategy at the Schwab Center for Financial Research.