PPI Shows Higher Wholesale Inflation; Meme Stocks Rule (Again)

Tuesday, May 14th, 2024Pre-market futures have sunk into the red upon an important report coming out. The Producer Price Index (PPI) for April grew higher than expected nearly across the board: headline month over month reached +0.5%, hotter than the +0.3% expected, and way ahead of the downwardly revised -0.1% from the previous month. Year over year, +2.2% hasn’t been this hot in a full year, and represents a 40-basis-point (bps) hike from the downwardly revised +1.8% in March.Core month-over-month (stripp ...