August PPI Surges to 5.4% Y/Y, Topping Forecasts and July's 4.7%
IXIC sits 27% above its 52-week low of $20,690.249.
Summary
The August Producer Price Index rose 5.4% year-over-year, above the 5.3% consensus and a sharp acceleration from July's 4.7%. Core PPI excluding food and energy increased 0.2% month-over-month, below the 0.3% expected and July's 0.3%, and rose 4.6% year-over-year, matching expectations and up from 4.2% in July. Final demand goods prices surged 1.1% month-over-month and 7.7% year-over-year, while final demand services rose 0.1% month-over-month and 4.5% year-over-year. Excluding food, energy, and trade services, PPI rose 4.7% year-over-year, unchanged from July. The hotter-than-expected wholesale inflation print adds to concerns about persistent price pressures, especially amid recent oil spikes from Middle East tensions. The Nasdaq is trading near its 52-week high, making it vulnerable to any hawkish repricing of Fed expectations, and the data may pressure growth stocks as investors reassess the rate outlook.
At the time of this announcement, IXIC was trading at $26,253.34 on NASDAQ in the Finance sector. The 52-week trading range was $20,690.25 to $27,190.21. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Mace News.