Update: US Equity Indexes Mixed After Producer Price Inflation Unexpectedly Declines, Iran Signals Potential Red Sea Disruption
(Updates with index/price moves, macroeconomic data and company/geopolitical news from the first paragraph.) US equity indexes traded mixed, giving up intraday gains following a surprise decline in the wholesale price inflation rate and a signal from Iran that its allies could shut the maritime gateway to the Red Sea. The Nasdaq was steady at 26,092.1, while the S&P 500 slipped 0.1% to 7,534.1, and the Dow Jones Industrial Average leaned slightly lower to 52,469.8 after midday Wednesday. All three gauges traded higher earlier in the session. The US Producer Price Index fell by 0.3% in June following a 0.6% increase in May, below expectations for a flat reading in a Bloomberg-compiled survey. Excluding food and energy prices, core PPI rose 0.2%, slower than the 0.3% gain expected and a 0.1% rise in May. Iran is now signaling it could use Yemen's Houthi allies to shut the Bab el-Mandeb gateway to the Red Sea, opening a new front against Washington and putting two of the world's most important energy arteries at risk, As US strikes deepen inside Iran and Houthi attacks escalate in tandem, analysts said Tehran is widening the conflict and seeking to increase.
(Updates with index/price moves, macroeconomic data and company/geopolitical news from the first paragraph.) US equity indexes traded mixed, giving up intraday gains following a surprise decline in the wholesale price inflation rate and a signal from Iran that its allies could shut the maritime gateway to the Red Sea.
The Nasdaq was steady at 26,092.1, while the S&P 500 slipped 0.1% to 7,534.1, and the Dow Jones Industrial Average leaned slightly lower to 52,469.8 after midday Wednesday.
All three gauges traded higher earlier in the session.
The US Producer Price Index fell by 0.3% in June following a 0.6% increase in May, below expectations for a flat reading in a Bloomberg-compiled survey.
Excluding food and energy prices, core PPI rose 0.2%, slower than the 0.3% gain expected and a 0.1% rise in May.
Iran is now signaling it could use Yemen's Houthi allies to shut the Bab el-Mandeb gateway to the Red Sea, opening a new front against Washington and putting two of the world's most important energy arteries at risk, As US strikes deepen inside Iran and Houthi attacks escalate in tandem, analysts said Tehran is widening the conflict and seeking to increase.