- US stocks opened slightly higher Wednesday after the worst day for markets in more than two years.
- The August Producer Price Index dipped 0.1% from the prior month, meeting expectations.
US stocks opened slightly higher Wednesday, a day after markets suffered their largest daily loss since 2020 on unexpectedly high consumer prices.
Fresh producer price index data, which measures wholesale level prices, showed a decrease of 0.1% in August, matching expectations. Wholesale inflation is up overall 8.7% year-over-year, which is the slowest increase since 2021 and a steep pullback from July's jump of 9.8% yoy.
"These data will make no difference to the Fed's decision next week, but they serve as a reminder that the CPI numbers are not the only inflation data worth watching; the message from this report is that disinflation is underway," Ian Shepherdson, chief economist at Pantheon Macroeconomics wrote in a note on Wednesday. "It has much further to go."
Here's where US indexes stood as the market opened at 9:30 a.m. on Wednesday:
- S&P 500>$4: 3,934.10, up 0.04%
- Dow Jones Industrial Average>$4: 31,124.01, up 0.06% (19.04 points)
- Nasdaq Composite>$4: 11,638.97, up 0.05%
Fresh market volatility may represent a good time for investors to jump back into stocks, according to $4. He added that while traders can't yet gauge where the bottom is, investors should "take opportunities on days like today and buy stocks that you think are attractive."
Apple's latest decline $4 from Berkshire Hathaway's position in the company. Warren Buffett's Hathaway owns roughly 5.6% of the iPhone maker.
Elsewhere, $4 reportedly paid only $1 for Norwegian oil major Equinor's assets, according to a report from Reuters.
Oil prices climbed, with $4 up 1.31% to $88.47 per barrel. International benchmark $4 jumped 1.04% to $94.12.
$4 ticked up 0.16% to $1,704.30 an ounce. The $4 climbed 1.8 basis points to 3.439%.
$4 was up 0.56% to $20,340.45.