Wall Street traded cautiously on Thursday midday, with major indexes mostly flat while the U.S. dollar slumped to over two-year lows, as investors digested a double dose of soft inflation and a surprise uptick in jobless claims that further bolstered expectations for interest rate cuts.
Shares of fashion conglomerate Oxford Industries (NYSE:OXM)
fell 11.6% in the morning session after the company reported weak first-quarter 2025 results, as it dropped its full-year sales and earnings per share forecast.
In our view, Norges Bank is missing out on good conditions to cut, as underlying inflation has abated, and currency volatility can return at any moment to thwart easing plans.
There we have it: back-to-back reports of inflation data which indicate that rising prices have pretty much left the building. Both the CPI and PPI came in below even the lowest estimates offered by any economists.
Producer prices rise in May but inflation concerns remain low. Core PPI eases, while CPI and jobless claims show a softening economy. Fed may cut rates by year-end.
Stocks end lower on Middle East tensions and skepticism over US-China trade deal, with most sectors declining. Economic data shows lower than expected inflation. Asia markets also down, led by losses in Japan and Australia. European stocks also lower, while oil and metal prices rise due to safe-haven demand. US futures and dollar decline.
