Wall Street Surges Amid Rate Cut Hopes; Moderna Slumps

Wall Street's main indexes rose on Thursday following higher-than-expected producer prices data, sparking expectations for a Federal Reserve rate cut. Moderna's stock slumped after a downbeat revenue forecast. Unemployment claims aligned with estimates, and key indexes like the S&P 500, Nasdaq, and Dow Jones showed gains.

Wall Street's main indexes climbed on Thursday after producer prices beat expectations, bolstering hopes for a 25-basis point rate cut by the Federal Reserve. Meanwhile, Moderna shares sank following a disappointing revenue outlook.

The producer price index (PPI) for August climbed 0.2%, surpassing the estimated 0.1%. Core PPI, excluding food and energy, rose 0.3%, higher than the 0.2% forecast.

Initial unemployment claims came in at 230,000, matching estimates. 'This week's data confirms we're headed for a soft landing with declining inflation rates,' noted Peter Tuz of Chase Investment Counsel. Investors remain optimistic about potential rate cuts, boosting the stock market.

(With inputs from agencies.)