US stocks extend gains as fresh inflation data show wholesale prices falling by the most since 2020

• US stocks jumped on Wednesday after new data showed a continued decline in inflation.
• The producer price index fell by the most since April 2020 and came in below economists' estimates.
• Retail sales fell 0.1% in October, but rose modestly when excluding auto sales.

US stocks jumped on Wednesday, extending their gains from Tuesday's sharp rally, after fresh data showed a continued decline in inflation.

The producer price index fell 0.5% in October from the prior month, representing the largest decline since April 2020 and a sharp reversal from the 0.4% gain seen in September. On an annual basis, the PPI rose 1.3%, down from 2.2% in September.