Markets today: Wall Street ends wild week on sour note after PPI

The world’s biggest bond market extended this year’s selloff and stocks dropped from a record on speculation that the U.S. Federal Reserve will be in no rush to cut interest rates.

The world’s biggest bond market extended this year’s selloff and stocks dropped from a record on speculation that the U.S. Federal Reserve will be in no rush to cut interest rates.

Another report signalling inflation is showing signs of being “stickier” than expected weighed on Wall Street’s sentiment, with the producer price index rising on a sizable jump in costs of services. Traders found little encouragement to bid up the market at a time when the Fed bumps into what’s being referred to as a tough “last mile” toward its goals.

“It’s been a wild week,” said Chris Zaccarelli at Independent Advisor Alliance. “While we understand the market’s knee-jerk behaviour when it sees too too-hot or too-cold data, we think it will take another couple data releases to establish a new trend (if the pattern continues) or to show that this week’s data was just a bump in the road.”