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- US stocks jumped Thursday as consumers remained strong despite inflationary pressures.
- Retail sales in August climbed 0.6% from the prior month, well above estimates for a 0.1% uptick.
- Wholesale inflation was higher than expected, after consumer inflation also came in hot.
US stocks rose Thursday morning as investors weighed strength in retail sales against a hotter-than-expected inflation report.
Retail sales in August climbed 0.6% from the prior month, well above estimates for a 0.1% uptick. Excluding autos, sales were up 0.6%, topping forecasts for a 0.4% gain.
Meanwhile, the producer price index increased 0.7% in August, ahead of expectations for a 0.4% rise. Though this marks the largest gain in more than a year, core PPI was in line with estimates, rising 0.2%. That followed Wednesday's consumer price index report, which also came in hot.
Both reports add pressure on the Federal Reserve keep interest rates higher for longer, and just over 35% of investors see the chance of a 25-basis-point hike in November.
Here's where US indexes stood at the 9:30 a.m. opening bell on Thursday:
- S&P 500: 4,488.85, up 0.48%
- Dow Jones Industrial Average: 34,739.86, up 0.48% (164.33 points)
- Nasdaq Composite: 13,869.41, up 0.40%
Here's what else is going on today:
- US office vacancy rates have eclipsed 2008 highs, deepening the commercial-property crisis.
- Warren Buffett's Berkshire Hathaway unloaded $158 million in HP stock, but still holds a 11.7% stake.
- Tesla could reach a $4 trillion valuation, according to billionaire investor Ron Baron.
- Investors should "buckle up" ahead of a fourth-quarter recession, notorious bear John Hussman said.
In commodities, bonds, and crypto:
- West Texas Intermediate crude oil gained 0.71% at $89.22 a barrel. Brent, the international benchmark, rose 1.39% to $93.23 a barrel.
- Gold stayed essentially flat at $1,909.88 per ounce.
- The yield on the 10-year Treasury bond climbed 1.2 basis points to 4.262%.
- Bitcoin edged up 1.1% to $26,423.