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WASHINGTON.– Lower-than-expected monthly Producer Price Index (PPI) growth of 0.3% in October helped stocks build on early gains, and shares of Nvidia rose after falling 4% Thursday. Economists had expected a 0.4% increase.
The monthly relief was partial, however. US stocks fell Friday as a sell-off in chip stocks picked up, Nvidia (NVDA) stock continued to decline, and an annual reading of wholesale inflation came in hot.
The report follows an October consumer price reading that came in above forecasts, with Headline inflation increased 0.4% for the month, while core inflation, which excludes food and energy, rose 0.3%. Both figures keep a December Federal Reserve rate hike firmly on the table.
