Live5 updates

• Thu, March 14, 2024 at 4:15 PM GMT+1

  Fed’s cautious approach to cutting rates reinforced by new inflation reading

  Fresh evidence of sticky inflation released Thursday will likely reinforce the Federal Reserve’s cautious approach to rate cuts and could add to questions about whether interest rates will remain elevated for longer than expected in 2024.

  Yahoo Finance’s Jen Jennifer Schonberger reports:

  “Given the stickier than expected nature of inflation, it’s going to be very difficult for the Fed to justify a near-term rate reduction,” Stifel’s Lindsey Piegza told Yahoo Finance Live Thursday. “Our base case is that the Fed holds off to the second half of the year before initiating a change in policy.”

  The new inflation reading Thursday came from the Labor Department’s Producer Price Index, which tracks the prices businesses pay to manufacture products and services.

  The index rose 0.6% from January to February, up from a 0.3% rise the previous month. So-called “core” producer prices, excluding volatile food and energy costs, were up 0.3% month-over-month. The Fed watches core prices closely.

• 

  Thu, March 14, 2024 at 3:30 PM GMT+1

  Oil gains on falling inventories, drone attacks on Russian refineries

  Oil rose more than 1% on Thursday, adding to the prior session’s gains amid falling inventories and continued drone attacks on Russian refineries.

  On Tuesday, West Texas Intermediate (CL=F) hovered just above $81 per barrel level while Brent (BZ=F), the international benchmark price, traded above $85 per barrel.

  Data from the Energy Information Administration showed a drop in US crude inventories last week.

  Escalating drone attacks on Russian refineries stemming from the Ukraine-Russia war over the past few days have also impacted the oil markets.

• 

  Thu, March 14, 2024 at 2:58 PM GMT+1

  Stocks roll over on hotter than expected inflation print

  Stocks opened higher but quickly turned negative in early trading.

  The S&P 500 (^GSPC) fell 0.3% while the Dow Jones Industrial Average (^DJI) also declined 0.4%, or about 100 points. The Nasdaq Composite (^IXIC) also slipped below the flatline.

  Nvidia (NVDA) opened lower for the second day in a row. Shares of the chipmaker, along with Tesla (TSLA), dragged stocks lower on Wednesday.

  February’s Producer Price Index rose 0.6%, higher than an expected rise of 0.3%. Investors were watching the print as the last major data point ahead of next week’s key Federal Reserve policy meeting.

• 

  Thu, March 14, 2024 at 2:32 PM GMT+1

  Stocks slightly higher despite a hotter than expected inflation print

  Stocks edged up on Thursday despite a hotter-than-expected wholesale inflation print.

  The S&P 500 (^GSPC) rose 0.1%, while the Dow Jones Industrial Average (^DJI) rose 0.3%, or over 100 points. The Nasdaq Composite (^IXIC) also gained 0.2%, rebounding from yesterday’s losses.

  Nvidia (NVDA) opened lower for the second day in a row. Shares of the chipmaker, along with Tesla (TSLA), dragged stocks lower on Wednesday.

  February’s Producer Price Index rose 0.6%, higher than an expected increase of 0.3%. Investors were eyeing the print amid expectations that Fed policymakers will reiterate their intention to cut rates sometime this year after next week’s Fed meeting.

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  Thu, March 14, 2024 at 2:00 PM GMT+1

  Retail sales rebound

  Retail sales rebounded in February after seeing their steepest decline in nearly a year during the month prior.

  Retail sales rose 0.6% in February from the previous month, according to Census Bureau data. Economists had expected a 0.8% increase in spending, according to Bloomberg data. January retail sales previously posted a surprise 1.1% decrease.

  February sales, excluding auto and gas, increased by 0.3%, in line with estimates.