Overview

• The U.S. Producer Price Index surged 0.9% month-on-month in July—the largest gain in over three years—pushing annual wholesale inflation to 3.3%.
• CME Group FedWatch probabilities for a 50-basis-point September rate cut dropped to zero, while odds for a 25-basis-point move climbed into the low-to-mid-90% range.
• U.S. equities closed mixed as the Dow briefly hit an intraday record, the S&P 500 fell 0.3% and the Nasdaq lost 0.4%, with global benchmarks trading near all-time highs.
• UnitedHealth Group shares jumped after Berkshire Hathaway disclosed a $1.6 billion stake, while Applied Materials’ weaker guidance weighed on semiconductor equipment stocks.
• Treasury yields edged higher, with the 10-year note near 4.3%, as investors weighed inflation pressures, tariff impacts and the high-stakes summit in Alaska.