US stocks fell on Thursday, with the Dow Jones Industrial Average falling for a sixth consecutive session. Traders digested the latest Producer Price Index data, which showed wholesale prices rose 11% year-on-year, above the 10.7% expected.
“We expect inflation not to come down significantly until the fall, where we expect energy prices to peak after the summer driving season and the housing sector to cool in response to the rise. 30-year mortgage rates at 5.5%,” wrote Jay Hatfield, CEO and portfolio manager at Infrastructure Capital Management in New York.
“If long-term interest rates continue to stabilize, we believe the stock market will find a bottom in the 3,800-4,000 range, as our S&P valuation model is 4,100 assuming a rate 10-year Treasury,” he added.
Here’s where the U.S. indices stood as the market closed at 4:00 p.m. Thursday:
Amid the digital asset sell-off, the total value of the cryptocurrency market plunged 28% over the past week to around $1.2 trillion, the lowest level since July. Crypto billionaire Sam Bankman-Fried and other industry heavyweights have seen their net worth drop dramatically in the turmoil.
Meanwhile, Russia is earning $20 billion a month in oil sales as rising crude prices have boosted export earnings by 50%, the International Energy Agency reported. This brings the country’s daily exports down to 8.1 million, the same rate as before the war in Ukraine.
Gold edged down 1.6% to 1,823.20 an ounce. The 10-year rate lost 6.5 basis points to 2.848%.
Bitcoin traded down 2.97% to $28,563.73.