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Wall St slides as growth stocks fall after producer prices data
– Wall Street fell on Friday as rate-sensitive technology and growth stocks dropped after hotter-than-expected producer prices data for July sent U.S. bond yields higher. U.S. producer price index (PPI) climbed 0.8% in the 12 months leading to July, up from a 0.2% rise in the previous month, as service costs increased. Economists polled by Refinitiv had expected a 0.7% gain. “The PPI data shows that inflation is still a concern,” said Adam Sarhan, chief executive of 50 Park Investments. Though traders broadly expect the Federal Reserve to not tighten credit
August 11, 2023