US stock markets ended on a mixed note yesterday. The Nasdaq Composite shed 0.9 per cent, the S&P 500 dropped 0.4 per cent, while the Dow Jones Industrial Average eked out a gain of 0.1 per cent. All three major Wall Street indices posted gains for the week. The S&P surged 2.5 per cent, the Nasdaq rose 2.3 per cent and the Dow climbed 2.1 per cent.
On the economic front, the US Producer Price Index (PPI) rose 6.5 percent year-on-year in October, marking its sharpest annual increase since November 2022, according to data released by the US Department of Labour.
Meanwhile, comments from multiple Fed officials earlier this week suggested the US central bank was open to a more aggressive path of rate hikes as price pressures worsen.
