U.S. stocks were mostly higher at Wednesday’s open as investors weighed producer price data that showed inflation rose slightly last month.
The September producer price index (PPI), a measure of prices at the wholesale level, rose 0.4% in September after falling 0.2% during the prior month as inflation persisted. Economists expected the headline figure to rise 0.2%. The PPI release comes before Thursday’s highly anticipated release of the government’s consumer price index (CPI) report.
“Prices remain elevated so it shouldn’t be a surprise to see producer goods and services rise. Keep in mind the increase is still below what we were seeing consistently month after month earlier this year,” wrote Mike Loewengart, Head of Model Portfolio Construction at Morgan Stanley Global Investment Office.
“No doubt the Fed still has…