The Dow Jones rose on Tuesday as traders reacted to a producer price index report that came in lighter than expected.
The 30-stock Dow gained 221.16 points, or 0.52%, finishing at 42,518.28. The S&P 500 edged up 0.11%, closing at 5,842.91, while the tech-heavy Nasdaq Composite dipped 0.23%, settling at 19,044.39.
Big Tech stocks faced declines on Tuesday, putting pressure on the S&P 500 and Nasdaq. Nvidia fell 1.1%, and Meta Platforms dropped 2.3%.
The producer price index, which gauges wholesale inflation, rose just 0.2% in December, according to the Bureau of Labor Statistics.
Economists surveyed by Dow Jones had anticipated a 0.4% increase. Core PPI, which excludes food and energy, remained unchanged.
In commodities, iron ore price rose 1.9% overnight. Oil prices pulled back from a five-month high as Hamas and Israel reached a tentative cease-fire agreement, easing concerns that had driven a rally due to risks to Russian and Iranian supplies. Brent crude fell 1.2%.
Looking at the local market, the SPI futures are pointing to a positive start to the day.
In company news, Macquarie Asset Management’s $US900 million investment in Applied Digital’s data centre project.
Telstra plans to invest $700 million in deploying artificial intelligence throughout its entire business.
Tower Ltd (ASX:TWR) trading ex-dividend today.
