Stock Market Today: Dow Slips After PPI Flashes Another Inflation Warning Sign — Live Updates
Chip makers are bouncing back after yesterday’s stumble. The Nasdaq composite was up more than 1% in afternoon trading, led higher by megacap names such as Nvidia and Alphabet.
After falling 3% yesterday, the PHLX Semiconductor index rebounded 2.8%, as Micron, Texas Instruments and Marvell all outperformed broader benchmarks.
One of those indexes, the Dow industrials, edged 0.3% lower amid fresh signs of growing price pressures from the Iran war. Wholesale prices rose much faster than expected in April, the Labor Department said, a day after a hot consumer-price inflation reading knocked U.S. indexes.
The latest data release kept upward pressure on Treasury yields, with the benchmark 10-year yield trading above 4.49% as the inflationary outlook darkens. Brent crude futures slipped 1.3% to about $106.40 barrel.
Meanwhile, President Trump has landed in China, where he is set to discuss the war and trade with leader Xi Jinping in a two-day summit starting tomorrow. A group of CEOs is tagging along, including Nvidia’s Jensen Huang.
