Inflation Report Spurs Stock Market Volatility

The Dow Jones Industrial Average rose 177 points, or 0.5%, despite a higher-than-expected inflation report. The S&P 500 edged up 0.1%, while the Nasdaq Composite slid 0.2% due to a sell-off in semiconductor stocks. The producer price index for July rose 0.3%, exceeding economists' expectations. The consumer outlook remained relatively unchanged in August, according to a survey. The dollar index is on track for its fourth straight positive week. Copper is heading for its worst week since November. Morgan Stanley remains underweight on Carvana despite the company raising its guidance for the third quarter. Wedbush Securities predicts a short-lived pullback in technology stocks and expects a 12%-15%+ increase by year-end. Singapore's Straits Times Index fell 1.22% after the country's GDP forecast was narrowed. Country Garden Holdings issued a profit warning, causing its shares to hit a record low. Alibaba's Hong Kong-listed shares surged over 3% after the company reported a 51% rise in attributable profit. Singapore narrowed its growth forecast for 2023 as the economy expanded 0.5% in the second quarter. The FANG+ stocks are on track for a losing week.