Stock Market Mixed as Hot Inflation Report Weighs on Trading
U.S. stocks closed mixed Wednesday as wholesale inflation came in hotter than expected, causing concerns among Federal Reserve policymakers about food and energy price pressures. Tesla shares rose on news of CEO Elon Musk's trip to China with Trump.
Market Performance
Stocks were mixed and oil prices edged lower as a key inflation report came in hotter than expected. Wholesale prices surged in April as the producer price index surpassed expectations for a 0.5% increase.
Oil and Energy
West Texas Intermediate crude fell 0.66% to $101.50 per barrel, while Brent crude dipped 0.35% to $107.40 per barrel. Oil prices edged lower as investors monitored a fragile ceasefire.
Tech Movers
Tesla (TSLA) shares rose 1.5% as CEO Elon Musk and several other executives traveled to China with Donald Trump. Wolfspeed (WOLF) soared 23%, while nCino (NCNO) climbed 7.7% and ManpowerGroup (MAN) gained 7%.