Market Snapshot: Dow falls 250 points after hot January PPI print, Fed’s Mester remarks

by | Feb 16, 2023 | Stock Market

U.S. stock indexes fell Thursday morning as investors digested another hot inflation report that showed price pressures at the wholesale level rose more than expected in January, fueling concerns that the Federal Reserve will raise interest rates higher than expected. How are stock-index futures trading
The S&P 500
dropped 30 points, or 0.7%, to 4,117

The Dow Jones Industrial Average
was off 265 points, or 0.8%, to 33,862

The Nasdaq Composite
declined 81 points, or 0.7%, to 11,989

On Wednesday, the Dow Jones Industrial Average rose 39 points, or 0.11%, to 34,128, the S&P 500 increased 11 points, or 0.28%, to 4,148, and the Nasdaq Composite gained 110 points, or 0.92%, to 12,071.

What’s driving markets Equity indexes slid sharply on Thursday morning as traders assessed the latest batch of mixed data on the U.S. economy and hawkish comments from Cleveland Federal Reserve Bank President Loretta Mester. See: U.S. wholesale inflation surges in early 2023, PPI shows After the January consumer-price index showed only slow progress in bringing inflation down, inflation at the wholesale level also rebounded in January. U.S. wholesale prices jumped 0.7% to start the new year, the biggest gain since last summer, offering further proof that inflation is sticky and unlikely to decline rapidly. A separate measure of …

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