Update: US Equity Indexes Climb After Inflation Unexpectedly Drops, Strikes on Iran Prepping Groundwork for Tedious Operations
(Updates with index/price moves and geopolitical news from the first paragraph.) US equity indexes edged up as a boost from an unexpected drop in producer price inflation was partially offset by Washington setting the stage for complex operations in Iran, which has signaled its allies could shut the maritime gateway to the Red Sea. The Nasdaq rose 0.4% to 26,221.8, the S&P 500 climbed 0.2% to 7,559.1, and the Dow Jones Industrial Average advanced 0.2% to 52,611.4 ahead of Wednesday's close. All three gauges briefly traded moderately lower earlier in the session. Communication services and consumer discretionary topped the gainers, while utilities led the decliners. The US Producer Price Index fell 0.3% in June following a 0.6% increase in May, below the flat consensus in a Bloomberg-compiled survey. Excluding food and energy, core PPI rose 0.2%, slower than the 0.3% gain expected and a 0.1% rise in May. PPI was up 5.5% year-over-year in June, versus the 6% gain in May, while core PPI climbed 4.7%, up from 4.6% in May. Most US Treasury yields fell in the final leg of trading, with the 10-year down four basis points to 4.55% and the two-year declining 6.3 basis points to.
(Updates with index/price moves and geopolitical news from the first paragraph.) US equity indexes edged up as a boost from an unexpected drop in producer price inflation was partially offset by Washington setting the stage for complex operations in Iran, which has signaled its allies could shut the maritime gateway to the Red Sea.
The Nasdaq rose 0.4% to 26,221.8, the S&P 500 climbed 0.2% to 7,559.1, and the Dow Jones Industrial Average advanced 0.2% to 52,611.4 ahead of Wednesday's close.
All three gauges briefly traded moderately lower earlier in the session.
Communication services and consumer discretionary topped the gainers, while utilities led the decliners.
The US Producer Price Index fell 0.3% in June following a 0.6% increase in May, below the flat consensus in a Bloomberg-compiled survey.
Excluding food and energy, core PPI rose 0.2%, slower than the 0.3% gain expected and a 0.1% rise in May.
PPI was up 5.5% year-over-year in June, versus the 6% gain in May, while core PPI climbed 4.7%, up from 4.6% in May.
Most US Treasury yields fell in the final leg of trading, with the 10-year down four basis points to 4.55% and the two-year declining 6.3 basis points to.