Stock market today: Live updates

The S&P 500 slid and the Nasdaq Composite pulled back from record highs Thursday as investors digested a hotter-than-expected producer price index reading for November.

The broad market index lost 0.2%, while the tech-heavy Nasdaq shed 0.4%. The Dow Jones Industrial Average climbed 30 points, or 0.1%.

Tech shares led the decline, with Nvidia losing nearly 2%. Meta Platforms, Alphabet and Amazon were also slightly lower.

The producer price index, which tracks wholesale prices, increased 0.4% last month. Economists polled by Dow Jones expected a 0.2% increase on a monthly basis.

This follows November’s consumer price index report, which came in line with economists’ estimates and has prompted investors to anticipate another rate cut from the Federal Reserve at its policy meeting next week.

Fed funds futures trading data reflects a 98% likelihood that central bank policymakers will lower rates next week, according to the CME FedWatch tool.

“While Thursday’s PPI was stronger-than-expected, we believe the Federal Reserve will still proceed with its expected 25 basis point rate cut in December, since other inflation data points in recent weeks and months have moved in the right direction,” said Clark Bellin, president and chief investment officer at Bellwether Wealth.

Wall Street is coming off a mixed session, with the Nasdaq topping 20,000 for the first time and reaching new all-time and closing highs. The broad market S&P 500 also gained. The Dow, however, pulled back slightly, marking its fifth consecutive session in the red.

Software giant Adobe declined more than 12% following the company’s weaker-than-expected 2025 outlook.