Stock Market Today: Dow Jones, S&P 500 Futures Rise Ahead Of Jerome Powell's Speech
U.S. stock futures pared gains to decline on Wednesday following Tuesday's positive close. Futures of the major benchmark indices were lower. Wholesale inflation accelerated more than expected in February, with the Producer Price Index (PPI) for final demand jumping 0.7%. This marked a significant pickup from January’s 0.5% increase, driven by a broad-based 1.1% spike in goods prices—the largest rise since mid-2023. On a year-over-year basis, the unadjusted index for final demand rose 3.4%. Meanwhile, Core PPI, which excludes volatile food, energy, and trade services, advanced 0.5% for the month and climbed 3.5% over the last 12 months, marking its tenth consecutive monthly increase. The SPDR S&P 500 ETF Trust (NYSE: SPY) and Invesco QQQ Trust ETF (NASDAQ: QQQ), which track the S&P 500 and Nasdaq 100, respectively, were lower in premarket on Wednesday. The SPY was down 0.058% at $670.40, while the QQQ declined 0.008% to $603.36.
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Powell said he has "no intention" of leaving the central bank until a Justice Department probe into building renovations at the Fed is over.
