Stocks closed lower Thursday as investors parsed a hotter-than-expected inflation update. A down day for some of Wall Street's biggest stocks – including Nvidia (NVDA, -1.4%) and Tesla (TSLA, -1.6%) – also weighed on sentiment.
Ahead of the opening bell, the Bureau of Labor Statistics said the Producer Price Index (PPI), which measures what businesses are paying suppliers for goods, increased 0.4% month over month in November. Year over year, PPI was up 3% – the biggest annual increase since February 2023.
