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
This item is part of a Wall Street Journal live coverage event. The full stream can be found by searching P/WSJL (WSJ Live Coverage).
(END) Dow Jones Newswires
January 14, 2025 12:03 ET (17:03 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
免責聲明：投資有風險，本文並非投資建議，以上內容不應被視為任何金融產品的購買或出售要約、建議或邀請，作者或其他用戶的任何相關討論、評論或帖子也不應被視為此類內容。本文僅供一般參考，不考慮您的個人投資目標、財務狀況或需求。TTM對信息的準確性和完整性不承擔任何責任或保證，投資者應自行研究並在投資前尋求專業建議。