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Nasdaq Composite, S&P 500 and Dow Jones Industrial Average All Rise on Inflation-Friendly PPI Data
Stocks opened higher Tuesday after a weaker than expected Producer Price Index showed that U.S. inflation appears to be waning, providing fresh evidence that the Federal Reserve could soon deliver the rate cuts that equity investors have been craving.
The $Nasdaq Composite Index (.IXIC.US)$ led the way higher, rising 238.71 points (1.4%) to 17,019.32 as of 10 a.m. ET. The $S&P 500 Index (.SPX.US)$ likewise added 48.5 ticks (0.9%) to 5,392.89, while the $Dow Jones Industrial Average (.DJI.US)$ rose 173.36 points (0.4%) to 39,530.37.
Stocks gained ground after the Labor Department reported before the bell that the PPI -- which measures wholesale inflation -- increased just 0.1% in July, less than the 0.2% that economists had forecast.
Wholesale inflation is typically a precursor of retail inflation, which the government will report Wednesday before the bell when it releases the July Consumer Price Index.
Among stocks of note Tuesday morning, significant movers as of shortly after 10 a.m. ET included:
-- $Starbucks (SBUX.US)$, which soared 23.3% on word that it's ousting CEO Laxman Narasimhan and replacing him with Chipotle CEO Brian Niccol. $Chipotle Mexican Grill (CMG.US)$ sank 13.7% on the news.
-- $Tencent Music (TME.US)$, which shed 16% after reporting declining yearly revenues and a drop in mobile monthly active users.
-- $B. Riley Financial (RILY.US)$, which fell another 10.1% on top of Monday's 50%+ slide. The financial firm has been sinking on suspension of its dividend and disclosure of subpoenas from regulators.
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Jerry Kronenberg
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Former top editor at Seeking Alpha, Fidelity.com, TheStreet.com and UPI.
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