U.S. stocks ride a tame PPI tailwind
Main U.S. indexes gain; Nasdaq out front, up ~1.4%
Tech leads S&P 500 sector gainers; Energy weakest group
Euro STOXX 600 index up ~0.2%
Dollar slips; crude off >1%; gold ~flat; bitcoin up ~1%
U.S. 10-Year Treasury yield falls to ~3.86%
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U.S. STOCKS RIDE A TAME PPI TAILWIND
Wall Street is higher early on Tuesday after producer price data showed abating inflation pressures, keeping the Federal Reserve on track to cut rates in September.
According to Matthew Martin, U.S. economist at Oxford Economics, headline producer prices rose less than expected in July due to a large decline in the volatile trade services component.
As Martin sees it, the data fits into the "more encouraging" category of price data Federal Reserve officials have been looking for.
With producer prices settling into the 2% range on a three-month annualized basis, Martin believes it helps set the stage for a 25bps rate cut at the Fed's upcoming September meeting.
Meanwhile, in a note, economists from High Frequency Economics are saying that this report "will not undermine any inclination of the FOMC to cut rates in September. However, it does not call out for emergency or massive rate cuts to avert an inflation undershoot, either."
In any event, the U.S. 10-Year Treasury yield US10YT=RR, which ended Monday at about 3.91%, is now down to around 3.86%.
Most S&P 500 .SPX sectors are higher with tech .SPLRCT leading the charge. Energy .SPNY is weakest group. This with NYMEX crude futures CLc1 off more than 1%.
Under the surface, FANGs .NYFANG and chips .SOX are among outperformers, while banks .SPXBK, .KRX are on the soft side.
With this, growth .IGX is on pace to outperform value .IVX for a fourth-straight session.
Here is a snapshot of where markets stood around 1000 ET (1400 GMT):
(Terence Gabriel)
*****
FOR TUESDAY'S EARLIER LIVE MARKETS POSTS:
DRUG PRICES AFTER MEDICARE NEGOTIATIONS MAY BE A 'NOTHING BURGER" FOR BIG PHARMA - CLICK HERE
DOW INDUSTRIALS: 40K HURDLE STILL LOOMS LARGE - CLICK HERE
SHOCK HORROR: BRITISH WAGES ARE ACTUALLY RISING - CLICK HERE
WATCH RISING EUROPEAN GAS PRICES - CLICK HERE
EUROPEAN STOCKS: NEAR TERM DOWNSIDE, LONG TERM UPSIDE - BOFA SURVEY - CLICK HERE
CALM WATERS AS UTILITIES SUPPORT STOXX, TRAVEL DRAGS - CLICK HERE
HEALTHY START AHEAD FOR EUROPEAN STOCKS - CLICK HERE
STABLE YEN LEADS NIKKEI HIGHER AHEAD OF US DATA TEST - CLICK HERE
Earlytrade08132024 https://tmsnrt.rs/46I15Du
(Terence Gabriel is a Reuters market analyst. The views expressed are his own)
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