Stocks Unchanged After Inflation Data

Stocks were unchanged on Tuesday as traders looked for clarity on future Federal Reserve policy moves after April’s producer price index rose more than expected.

The Dow Jones Industrials skidded into negative country 0.05 points to 39,431.46.

The S&P 500 remained afloat 3.52 points by noon hour to 5,224.94.

The NASDAQ stayed positive 46.48 points to 16,434.72.

Shares of GameStop soared 73%, extending their rally from Monday, when they gained 74%.

The producer price index reading for April came in above estimates, putting a damper on expectations that the Federal Reserve would begin cutting rates later this year as inflation weakens. The PPI gained 0.5% from April, higher than the 0.3% that economists polled by Dow Jones had anticipated.

Prices for the 10-year Treasury gained a bit of ground, pushing yields down to 4.47% from Monday’s 4.49%. Treasury prices and yields move in opposite directions.

Oil prices sank 93 cents to $78.19 U.S. a barrel.

Gold prices soared $14.00 to $2,355.70.