Investing.com – The S&P 500 closed lower on Thursday as Treasury yields rose following a better-than-expected inflation report.
At 4:00 pm ET (21:00 GMT), the index fell 234 points, or 0.5%, the index fell 05% and fell 0.7%.
PPI data is higher than expected
The data released Wednesday was largely in line with expectations, allaying some concerns that it would beat estimates.
But producer prices rose more than expected in November, rising 0.4% last month after an upwardly revised 0.3% increase in October, ahead of the expected 0.2% rise.
In the 12 months through November, the PPI shot up 3.0% after rising 2.6% in October.
While the bullish surprise in the PPI report is not expected to derail expectations of a third Fed rate cut at next week's central bank meeting, it “reinforces the notion of a waning disinflationary improvement and further underscores plus the need for a patient approach until 2025.” monetary policy,” Stifel said in a Thursday note.
Adobe disappoints with its sales guidance; ServiceTitan jumps in Nasdaq debut
Shares of Adobe Systems Incorporated (NASDAQ fell more than 14% after the software giant issued a disappointing annual sales outlook, indicating that the company's recent moves to incorporate artificial intelligence into its offerings were taking more than what is expected in generating returns.
Adobe, known for its software for creative professionals, has increased its investments in ai amid increased competition from smaller players, whose imaging software is expected to eat away at Adobe's market share.
Chewy (NYSE: shares fell nearly 2% after the pet products retailer's largest shareholder announced plans to sell $500 million worth of stock.
Warner Bros Discovery Inc (NASDAQ detailed its plans to split its cable television business from its streaming and studio units, sending its shares up more than 15% to a 52-week high.
Meanwhile, ServiceTitan Inc (NASDAQ rose more than 42% in its Nasdaq debut after the cloud software provider priced its $625 million initial public offering at $71 per share.
Broadcom Inc (NASDAQ closed down 1% after Bloomberg reported that Apple (NASDAQ is set to replace the chipmaker's components with its own in-house chip for Bluetooth and Wi-Fi connections starting next year.
(Peter Nurse and Ambar Warrick contributed to this article.)
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