Wall Street Waits on Powell's Insights as PPI Raises Inflation Concerns

Wall Street's key indexes were stable as October's producer price index rose 0.2%, matching expectations but slightly higher annually. Investors await Fed Chair Jerome Powell's upcoming remarks on interest rates. Notably, Walt Disney shares soared 7.1% after positive earnings, while Tesla and Amazon showed declines.

Wall Street's major indexes remained stable on Thursday following a predicted increase in the monthly producer price index (PPI), as investors prepared for Fed Chair Jerome Powell's comments regarding future interest rate policies.

In October, the PPI for final demand ascended by 0.2% monthly, aligning with forecasts, though the annual increase of 2.4% exceeded expectations slightly. Concurrently, jobless claims reduced by 4,000 to a seasonally adjusted 217,000 for the week ending November 9, which was lower than projected.

Terry Sandven, U.S. Bank Wealth Management's Chief Equity Strategist, stated, "PPI indicates inflation is decreasing but at a gradual rate, consistent with Powell's previous statements on balanced risks concerning inflation and the labor market." The bond market reflects changing inflation expectations as the U.S. 10-year Treasury yield climbs to its highest level since July.

(With inputs from agencies.)