By Joe Wallace and Sam Goldfarb
U.S. stocks are up, buoyed by a softer-than-expected reading on U.S. wholesale inflation.
One day ahead before the release of more closely watched consumer price data, the Labor Department said Tuesday that producer prices rose 0.2% in December. That was below the 0.4% gain anticipated by economists surveyed by The Wall Street Journal.
Treasury yields, a source of pressure for stocks in recent weeks, slipped immediately after the data. But they quickly rebounded, with yield on the 10-year note still hovering near 4.8%.
Tuesday's trading session could be the calm before the storm. Along with CPI data, Wednesday also will see the release of a slew of bank earnings, with Citi, Goldman Sachs, JPMorgan and Wells Fargo all due to report full-year results before the bell.
In recent trading:
Stocks climbed. All three major indexes were up after a mixed day Monday that featured weakness in tech stocks but strength in most other sectors.
Nvidia shares rose. The chip giant fell Monday, weighing on the tech-heavy Nasdaq Composite, after the U.S. imposed new restrictions on chip exports.
Treasury yields were a touch lower after the 10-year settled Monday at 4.802%, its highest level since Oct. 2023.
Oil prices stabilized, after three days of gains that pushed crude markets to their highest level since August.
Overseas stock markets were broadly higher, with gains for indexes in Europe and most of Asia.
One exception: Japan. The Nikkei 225 caught up with the rest of the world's recent losses as trading resumed in Tokyo after a public holiday.
Write to Joe Wallace at joe.wallace@wsj.com and Sam Goldfarb at sam.goldfarb@wsj.com
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(END) Dow Jones Newswires
January 14, 2025 09:43 ET (14:43 GMT)
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