US Producer Prices Jump 1.3% in September, Exceeding Forecasts

U.S. stocks were mixed Thursday morning. After the opening bell, the Dow rose 0.45% to 51852.58, while the Nasdaq Composite lost 1.25% to 26358.56. The S&P 500 declined 0.47% to 7682.50.

The Nasdaq fell more than 300 points. Consumer staples shares gained 2.4% Thursday, while information technology stocks dropped 1.8%. U.S. producer prices rose 1.3% month over month in September, more than twice the 0.5% increase economists forecast, Bureau of Labor Statistics data released Thursday showed.

Headline producer inflation was 6.3% from a year earlier, above the 5.3% consensus estimate and up from August’s upwardly revised 5.6%. The annual rate was the highest since December 2022. Bradbury Capital Inc. shares climbed 61% to $4.24.

Stardust Power Inc. shares advanced 64% to $0.0426. Wetour Robotics Limited shares gained 60% to $1.33 after the company said it had voluntarily paused further sales of its ordinary Shares of SHF Holdings, Inc. (NASDAQ: SHFS) fell 34% to $0.1531.

FMC Corporation (NYSE: FMC) shares dropped 34% to $5.33 after the company cut its third-quarter revenue guidance and said commercial actions would lead to charges of $625 million to $675 million. Treasure Global Inc. (NASDAQ: TGL) fell 33% to $0.2950 after announcing a $1.2 million private placement to board members. In commodities, oil rose 0.8% to $95.88 and gold gained 1.6% to $4,172.40.

Silver advanced 1.7% to $56.815 on Thursday, while copper declined 1.7% to $6.5465. European shares were mostly higher. The eurozone's STOXX 600 rose 0.1%, Spain's IBEX 35 Index gained 0.3%, London's FTSE 100 climbed 1% and France's CAC 40 added 0.6%. Germany's DAX slipped 0.1%.

Asian markets closed mostly lower on Thursday. Japan's Nikkei 225 fell 4.90%, Hong Kong's Hang Seng Index lost 1.03%, China's SSE Composite Index dropped 1.59%, while India's BSE Sensex gained 2.11%. U.S. producer prices jumped 1.3% month over The producer-price measure increased in September by more than twice the 0.5% pace economists had expected, according to Bureau of Labor Statistics data released Thursday.

U.S. retail sales rose 0.8% month over month in September, after a revised 1.3% increase in August. The result exceeded market estimates for a 0.3% gain. The NY Empire State Manufacturing Index climbed to 25.5 in October from 7.6 the previous month, above market estimates of 10.3.

The Philadelphia Fed Manufacturing Index fell to 20.9 in October from 37.8 the previous month, below market estimates of 28.4. U.S. initial jobless claims increased by 1,000 to 199,000 in the week ending Oct. 10, compared with market expectations of 200,000.