Stock market today: Dow, S&P 500, Nasdaq fall after PPI inflation comes in hot ahead of Fed decision

Market Overview - US stocks declined as inflation data indicated rising prices, with the Dow Jones Industrial Average falling 0.5%, the S&P 500 down 0.3%, and the Nasdaq Composite decreasing by 0.4% [1][6] - The Producer Price Index (PPI) rose 0.7% month-over-month in February, exceeding economists' expectations of 0.3%, and showed a year-over-year increase of 3.4%, surpassing the anticipated 3% [2][10][11] Inflation and Federal Reserve - The PPI data raised concerns about inflation ahead of the Federal Reserve's policy decision, with expectations that rates will remain unchanged in the 3.5% to 3.75% range [3][6] - The central bank's Summary of Economic Projections will provide insights into policymakers' expectations regarding inflation and the labor market [3] Oil Market Dynamics - Brent crude futures rose to $108 per barrel, while West Texas Intermediate crude traded near $98, influenced by geopolitical tensions in the Middle East [5][7] - The conflict in the region has led to concerns about oil supply, with the market focused on the potential reopening of the Strait of Hormuz, which is currently deemed unlikely without a ceasefire [4][27] Corporate Earnings - Macy's reported better-than-expected fourth-quarter earnings with adjusted EPS of $1.84, surpassing the $1.54 estimate, and revenue of $7.6 billion, slightly above the $7.5 billion forecast [21][24] - Micron Technology is set to report quarterly results, and its stock rose 2% ahead of the announcement [5][20] Other Corporate Developments - New Fortress Energy's shares increased by 10% following a significant debt restructuring plan that reduces its debt from $5.7 billion to $527.5 million [30] - Lumentum and Coherent Corp saw premarket stock increases of 7% and 6%, respectively, due to positive market sentiment regarding optical networking [19]