Wall Street ends higher as softer producer prices data boosts rate-cut bets

Wall Street ends higher as softer producer prices data boosts rate-cut bets

By Abigail Summerville

Tue August 13, 2024 4:31 PM

PPI came in today softer than expected which boosted rate cut hopes again and the odds of a ½ point September cut are now 55%, up from below 50 yesterday. Wednesday is CPI and Thursday retail sales and those are the reports investors are really looking for. But as today’s expert put it, “The core PPI numbers further the narrative that the Fed has done an excellent job of keeping inflation relatively under control and that the more likely move is going to be a rate cut sooner rather than later.”  All three indexes had impressive gains straight shots up, advancing handsomely into the middle 3-digit range with volume, per the CBOE, at 10.7 billion, still well below the 4-week average awaiting the other reports. 

 

DJ: 39,357.01  -140.53       NAS: 16,780.61  +35.31       S&P: 5,344.39  +0.23         8/12

DJ: 39,765.64  +408.63      NAS: 17,187.61  +407.00      S&P: 5,434.43  +90.04       8/13

 Tue 8-13-24 4:31 pm Wall Street ends higher as softer producer prices data boosts rate-cut bets | Reuters