Stock market today: S&P 500, Nasdaq wobble amid more signs of

US stocks were little chnaged on Thursday as investors digested fresh inflation and labor data testing high-running expectations for a quarter-point interest-rate cut next week.

The S&P 500 (^GSPC) rose slightly while the Nasdaq Composite (^IXIC) gained 0.3%, coming off sharp closing gains fueled by a tech rally. The Dow Jones Industrial Average (^DJI) dipped slightly.

The market is regrouping after a seesaw Wednesday that saw revived enthusiasm for techs pull stocks out of a slide. Those losses came as the latest consumer inflation reading knocked hopes for a 0.5% rate cut by the Federal Reserve.

Before the bell, the August Producer Price Index provided indication that inflation pressures are cooling enough for the Fed to start easing rates.

Wholesale prices rose at a rate of 0.2% month-over-month, slightly above what economists anticipated. On an annualized basis, PPI increased 1.7%, in line with expectations, while July’s reading was revised lower.

Meanwhile, data showed initial jobless claims climbed more than expected to 230,000 last week, an increase of 2,000 from the prior weekly period. Traders’ odds of a 25 basis point cut edged up to 87% after the reports, compared with 50% just days ago.

On the corporate front, Moderna (MRNA) shares cratered 17% after the biotech giant lowered its annual revenue outlook for 2025. The company also said it will slash its annual R&D budget by roughly $1.1 billion by 2027.

Live2 updates

Thu, September 12, 2024 at 10:08 AM EDT

Delta issues strong outlook despite summer tech glitch

Delta (DAL) stock jumped before dipping into negative territory Thursday after the airline said its full year profit will come at the mid-point of its previously anticipated range, despite a computer glitch earlier this summer.

The airline see full year adjusted earnings per share at or above $6.50 versus a prior reading of $6 to $7, excluding the impact from a global tech outage in July.

Delta shares dipped nearly 2% in early trading.
Thu, September 12, 2024 at 9:32 AM EDT

Stocks steady amid more cooling inflation data, higher than expected jobless claims

Stocks were little changed on Thursday as investors digested a fresh batch of data that could provide clues on how big of an interest rate cut the Federal Reserve will decide to implement at its policy meeting this month.

The S&P 500 (^GSPC) and the Nasdaq Composite (^IXIC) were flat, coming off sharp closing gains fueled by a tech rally. The Dow Jones Industrial Average (^DJI) was also little changed.

On the inflation data front, the Producer Price Index rose 0.2% in August from the prior month, slightly higher than what economists had been expecting. Meanwhile July’s PPI reading was revised to the downside. On a year-over-year basis, wholesale prices rose 1.7%, in line with expectations.

Weekly initial jobless claims rose by 2,000 to 230,000, higher than what economists had been anticipating.

Investors are paying close attention to these data points as the Federal Reserve prepares to meet next week. The markets have been widely anticipating a rate cut. What is unknown is how big that cut will be.

EMEA Tribune is not involved in this news article, it is taken from our partners and or from the News Agencies. Copyright and Credit go to the News Agencies, email news@emeatribune.com Follow our WhatsApp verified Channel

Delta issues strong outlook despite summer tech glitch

Stocks steady amid more cooling inflation data, higher than expected jobless claims