US July PPI Flat Month-on-Month, Up 4.7% Year-on-Year
The US final-demand producer price index (PPI) was unchanged in July on a monthly basis, while the annual gain slowed to 4.7% from 5.5% in the previous month. The narrower increase in producer prices supported equities, and US stocks moved higher in early trading. As of 9:35 p. m. local time, the Dow Jones Industrial Average rose 0.22%, the S&P 500 gained 0.31%, and the Nasdaq Composite advanced 0.27%.
The increase in the PPI narrowed, and US stocks moved higher in early trading after the data release. As of 9:35 p. m. local time, the Dow Jones Industrial Average stood at 53,886 points, up 116 points, or 0.22%; the S&P 500 index was at 7,773 points, up 23 points, or 0.31%; and the Nasdaq Composite Index was at 26,659 points, up 70 points, or 0.27%.