Producer prices rose sharply in July, federal data shows, dashing President Donald Trump's hopes that the Federal Reserve would cut rates in September as he has been demanding. Newsweek has contacted the White House for comment.

The dollar held on to previous session gains on Friday after hotter than expected inflation data prompted traders to trim wagers on rate cuts by the U.S. Federal Reserve.

The July inflation report keeps an interest-rate cut firmly on the table after the Federal Reserve’s meeting next month. The lack o

The S&P 500 and the Nasdaq retreated from record highs on Thursday, after a hotter-than-expected producer prices report dampened investor expectations of potential interest-rate cuts by the Federal Reserve this year.

Wall Street is retreating from its record heights after a disappointing report said inflation was worse last month at the U.S. wholesale level than economists expected. The S&P 500 fell 0.4% in early trading Thursday.

The stock market’s rally stalled on Thursday after new data showed factory-gate inflation picking up, introducing fresh question marks over the outlook for interest rates. Major indexes finished mixed and near the flatline after investors bought the shares of big technology and financial companies and sold smaller stocks that had surged earlier in the week.

The Bureau of Labor Statistics reported the producer price index jumped more than expected in July, spurring renewed concerns about inflation's economic impact.

The U.S. dollar snapped a two-day losing streak on Thursday as data showed U.S. producer prices increased more than expected in July amid a surge in the costs of services and goods, suggesting a broader pickup in inflation in the months ahead.

US producer price inflation bounced in July to its highest reading since 2022, data showed Thursday, as policymakers seek to gauge effects from President Donald Trump's tariffs.