Major U.S. equities indexes moved lower Thursday after the Producer Price Index report showed an unanticipated uptick in wholesale inflation during November.
Expectations remain high for the Federal Reserve to lower interest rates at next week’s meeting. Still, the latest sign of stubborn inflation added uncertainty around the path forward for the Fed in 2025.
The S&P 500 fell 0.5%. The Dow was also down 0.5%, while the Nasdaq dropped 0.7%, dropping back below the 20,000-point threshold it pierced for the first time during the previous session.
Adobe (ADBE) shares plunged 13.7%, the worst performance of any S&P 500 stock on Thursday, after the software provider issued lower-than-expected sales guidance. Although strong demand for artificial intelligence tools helped the company top sales and profit estimates for its fiscal fourth quarter, the revenue outlook raised concerns about Adobe’s traction in the competitive generative AI software market.
Industrial adhesive manufacturer Nordson (NDSN) also exceeded expectations with its fiscal forth-quarter sales and profits, but …