Wall Street pulled back from recent records after a disappointing report showed worsening inflation last month at the wholesale level, according to the Associated Press.
The S&P 500 dropped 0.2% from its all-time high set the day before, while the Dow Jones Industrial Average was down 0.2%, and the Nasdaq took 0.1% off its own record.
The U.S. government early Thursday said prices at the U.S. wholesale level were up 3.3% last month from a year earlier, denting investors’ hopes that the Federal Reserve would cut its key interest rate next month.
The data helped send Treasury yields higher in the bond market. The yield on the 10-year Treasury climbed to 4.26% from 4.20%.
Tapestry led the market lower as the company behind the Coach and Kate Spade New York brands cited pressure from tariffs. Its stock fell 16.9%, even though it reported a stronger profit for the latest quarter than analysts expected.
Deere slipped 8%, even though the machinery maker also delivered a better profit than expected. There, too, the focus was on where profits are heading in the future.
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