© Reuters.
By Liz Moyer
Investing.com — U.S. stocks were falling after a stronger-than-expected report on November producer prices renewed fears about the Federal Reserve’s interest rate hikes.
At 10:04 ET (15:04 GMT), the was down 47 points or 0.1%, while the slipped 0.02% and the was down 0.06%.
The Labor Department said rose 7.4% last month on an annual basis compared with economists’ expectations of 7.2%. The pace did slow from October’s 8% gain. , which exclude food and energy, rose 6.2%. Wall Street expected a gain of 5.9%.
The numbers stoked fears that the Fed would keep rates higher for longer, following on a stronger-than-expected November and a strong sector report. The Fed next meets on Tuesday for two days, and will release the on rates on Wednesday. is expecting it to raise its benchmark rate by a half-percentage point.
The Fed raised the rate by 75 basis points for each of its last four rate decisions.
University of Michigan’s reading for December was stronger than expected, too, coming in at 59.1 and beating the 56.9 expected.
Broadcom Inc (NASDAQ:) shares rose 3.7% after the chipmaker forecast higher-than-expected revenue for the current quarter. Lululemon Athletica Inc (NASDAQ:) stock fell 11% after the athletic apparel maker gave a gloomier-than-expected outlook for holiday quarter results.
Oil was rising. were up 0.9% to $72.14 a barrel, while were up 0.8% to $76.83 a barrel and were up 0.5% to $1810.
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