Hot PPI Data Sends Nasdaq Down 0.9% at Open as Rate Hike Fears Mount
IXIC sits 26% above its 52-week low of $20,690.249 on light trading volume (0.1× avg).
Summary
The Nasdaq opened 0.88% lower after August producer prices came in hotter than expected, raising the odds of a Fed rate hike this month. The index dropped 232.3 points to 26,021.05 at the bell, while the S&P 500 fell 0.55% and the Dow slipped 0.17%. This follows a three-day slide driven by Middle East escalation and oil above $100 a barrel. The PPI surprise adds a fresh inflation worry on top of existing geopolitical pressure. Traders will watch whether the selloff accelerates through the session and how bond yields react to the data.
At the time of this announcement, IXIC was trading at $26,030.25 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: Reuters.