Thu Sep 12 14:08:59 UTC 2024: ## US Stocks Continue Upward Trend Despite Inflation Data

**New York, NY** – US stocks continued their upward trajectory for the fourth consecutive day, buoyed by positive economic data including unexpected inflation readings from last month. The S&P 500 closed up 0.7%, while the Dow Jones Industrial Average and Nasdaq Composite rose by 0.4% and 1%, respectively.

The Producer Price Index (PPI) data, released Thursday, showed a 0.2% increase in August, surpassing the anticipated 0.1% rise. The core PPI, which excludes volatile food and energy prices, also rose by 0.2%. This followed a downward revision of July’s figures, which were initially expected to show a 0.1% increase.

This latest inflation data comes after the core consumer price index (CPI) unexpectedly exceeded expectations last month, rising by 0.3% from July. “Headline PPI inflation came in as expected, but the core rate followed the consumer’s core rate almost to the tee, a little bit more than expected,” noted Peter Cardillo, chief market economist at Spartan Capital Securities.

Despite the inflation data, the Federal Reserve’s shift in focus from inflation to employment led to less attention than usual being paid to the CPI report. Additionally, many traders were unaware of the PPI report on Thursday.

Notable market movers included Moderna shares, which dropped 17% to their lowest level in over 10 months after the company announced plans to cut its research and development budget by nearly 20% over the next three years. Conversely, Delta shares rose by 5.1% following an update on its profit guidance, with the company now expecting its full-year profit to meet or exceed the midpoint of its previous guidance.

US 10-year yields increased by one basis point to 3.73% in the morning, while Brent crude oil prices climbed towards $72 per barrel after a 1.52% gain on Thursday.

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