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Iran War News Live Updates: Blockade ‘Fully Implemented' as Mediators Push for U.S.-Iran Ceasefire Extension WSJIran War Live Updates: Trump Offers Mixed Messages on War's End as Pakistan Tries to Keep Peace Talks Alive The New York TimesUS, Iran Weigh Truce Extension With Hormuz Still Shuttered Bloomberg.comWhere US-Iran talks stand as ceasefire deadline looms The Hill
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Trump says Iran talks could resume in days as U.S. military blocks Iranian ports NPRTrump Aims to Force a Quick Iran Deal With a Slow Squeeze WSJWhite House denies U.S. requested ceasefire, says new talks may happen in Pakistan ReutersIran war 'very close to over,' Trump says — and the stock market 'is going to boom' CNBC
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Stocks stabilized Wednesday after Tuesday's hotter-than-expected inflation data sparked Wall Street's worst selloff in over two years.
Inflation remained in focus today with the early morning release of the producer price index (PPI) for August. Similar to yesterday's consumer price index (CPI), the PPI - which measures what suppliers are charging for goods and services - rose at a slower annual clip in August than it did in July. However, on a month-over-month basis, both PPI and core PPI, which excludes energy and food prices, were up from July's figures.
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"There is a divergence in headline and core inflation building, where headline is cooling and core is heating up," says Jamie Cox, managing partner at Harris Financial Group. "That's an odd phenomenon and likely influenced by the shift from goods to services post-pandemic. The Fed should proceed with caution and not hit the emergency brake on rate hikes."
While yesterday's selling was broad-based, today's action was more mixed. In terms of sector performance, real estate (-1.2%) and materials (-1.2%) were the biggest laggards, while energy ( 2.8%) outperformed as U.S. crude futures rose 1.3% to settle at $88.48 per barrel.
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As for the major indexes, the Nasdaq Composite ended up 0.7% at 11,719, while the S&P 500 Index ( 0.3% at 3,946) and the Dow Jones Industrial Average ( 0.1% at 31,135) also finished with mode
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