LIVE MARKETS-Wall Street cools after another hot inflation report
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WALL STREET COOLS AFTER ANOTHER HOT INFLATION REPORT
Major U.S. stock indexes are mostly lower in early trading Wednesday after data showing U.S. producer prices increased more than expected in April and posted their biggest gain in four years.
The report was the latest sign that inflation was accelerating amid the war with Iran. On Tuesday, data on U.S. consumer prices was also hotter than expected.
More than half of the 11 S&P 500 sectors are lower in early trading, with the utilities sector .SPLRCU down more than 1% and leading declines.
The producer price data showed In the 12 months through April, the PPI jumped 6.0%. That was the largest increase since December 2022 and followed a 4.0% rise in March.
Energy prices have soared since the late February start of the war in Iran.
Investors are also paying close attention to U.S. President Donald Trump's visit to China. Trump was preparing to ask China's Xi Jinping to "open up" to U.S. business at the start of their two-day summit.
Here is the early market snapshot:
(Caroline Valetkevitch)
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