By Joe Wallace and Sam Goldfarb
U.S. stocks turned lower Tuesday, losing momentum after an early boost from a softer-than-expected reading on wholesale inflation.
Ahead of the more closely watched consumer-price data, the Labor Department said producer prices rose 0.2% in December. That was below the 0.4% rise anticipated by economists surveyed by The Wall Street Journal. However, price gains were bigger in key categories, such as airfares, that will be incorporated into the Federal Reserve's preferred inflation gauge that will be released later in the month.
Treasury yields, a source of pressure for stocks in recent weeks, slipped immediately after the data. But they quickly rebounded, with yield on the 10-year note still hovering near 4.8%.
Tuesday's trading session could be the calm before the storm. Along with CPI data, Wednesday will see a slew of bank earnings, with Citigroup, Goldman Sachs, JPMorgan and Wells Fargo all reporting.
In recent trading:
Stocks slipped after a strong start to the day. The tech-heavy Nasdaq Composite was on track for its fifth straight session of declines.
Nvidia shares fell further. The chip giant also dropped Monday after the U.S. imposed new restrictions on chip exports.
Treasury yields were a touch lower after the 10-year settled Monday at 4.802%, its highest level since October 2023.
Oil prices stabilized, after three days of gains that pushed crude markets to their highest level since August.
Write to Joe Wallace at joe.wallace@wsj.com and Sam Goldfarb at sam.goldfarb@wsj.com
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(END) Dow Jones Newswires
January 14, 2025 12:03 ET (17:03 GMT)
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