Wholesale U.S. inflation flatlines markets

Right after tame U.S. consumer inflation data lifted markets earlier this wee, new wholesale inflation numbers reversed market sentiment on Thursday. July wholesale inflation came in at 3.3%, far higher than the expected 2.5% and diminishing hopes that the U.S. Fed will cut inflation rates next month. The three major indices on Wall Street flatlined, with only the S&P showing any sort of gain as 70% of stocks on that index sank.

Major movers for the session included Intel up 7.38%, Tapestry -15.71%, Deere -6.76%, Armor -11.87% and the Trade Desk -6.62%. Even Bitcoin lost ground by 3.9% to US$118,185. Meanwhile, the U.S. 10-year yield edged up to 4.28%.

In Toronto, the TSX felt the pressure of Wall Street and sank 0.28%, even though seven sectors enjoyed gains. Healthcare rallied the most while tech slid the furthest. Key names on Bay Street included Equinox Gold up 15.14%, Bausch Health 5.17%, Whitecap Resources 1.5%, Bird Construction -15.43%, and Constellation Software -5.57%. Gold slipped US$20 to US$3,35 while WTI rose over 2% to nearly US$64,000.

💾 Intel (INTC-Q) +7.38%

🔌 Tapestry Inc. (TPR-N) -15.71%

🦌 Deere & Co. (DE-N) -6.76%

💾 Trade Desk (TTD-Q) -6.62%

🅱 Bitcoin (BTCUSD) (CRYPTO:BTC) -3.9%

🥇 Equinox Gold (EQX-T) +15.14%

👨‍⚕️ Bausch Health Companies Inc. (BHC-T) +5.17%

🛢 Whitecap Resources (WCP-T) +1.5%

🏛 Bird Construction Income Fund (BDT-T) -15.43%

💾 Constellation Software Inc. (CSU-T) -5.57%