Stocks trade marginally lower after hotter-than-expected inflation data: Live updates

BAI YTD chart

Its worst performers included Fabrinet, down 7% on Thursday, and Celestica, down 5% on Thursday.

— Christopher Hayes Lisa Kailai Han

Shares of Latin American online payments provider dLocal jumped more than 20% on Thursday on the back of its second-quarter financial results.

The stock is finally on a path towards long-term growth, according to HSBC analyst Neha Agarwala, who upgraded shares to buy from hold and lifted her price target by $3.50 to $15. Agarwala’s new target suggests more than 28% potential upside ahead.

“We upgrade our rating on the stock from Hold to Buy in view of the significant long-term growth potential for the company along with tangible momentum witnessed in the past few quarters; [DLocal] we believe is on the right path to gradually regain market confidence,” Agarwala said in a note to clients, adding that the company is “showing clear signs of turning the corner.”

For more, read here in CNBC Pro.

— Pia Singh

An Electronic Arts video game logo is seen at the Electronic Entertainment Expo.

Lucy Nicholson | Reuters

On Thursday, 11 stocks in the S&P 500 traded at new 52-week highs.

Of these names, seven tickers reached new all-time highs. Here are the stocks that met this milestone:

• Electronic Arts trading at all-time high levels back to its IPO in 1989
• Fox Corporation Class A trading at all-time highs back to its creation as the portion not acquired by Disney in 2019
• Live Nation Entertainment trading at all-time high levels back to its IPO in December 2005
• TKO Group trading at all-time highs back to the merger that combined Endeavor and WWE
• Loews trading at all-time highs back through our history to 1972
• S&P Global trading at all-time high levels back through our history to 1972
• KLA Corporation trading at all-time highs, back to KLA Instruments’ IPO in in 1980

— Christopher Hayes, Lisa Kailai Han

• Miami International Holdings — The parent of Miami-based exchange operator MIAX surged more than 43% in its public market debut at the New York Stock Exchange. The company priced its IPO at $23 per share. It last traded above $31.
• Paramount Skydance — The media company fell more than 6%, giving back some of Wednesday’s stunning surge. Paramount rallied 37% in the previous session, marking its best day ever.
• Amcor — The packaging company plummeted more than 14% after its fiscal fourth-quarter results missed analyst estimates. The company earned 20 cents per share on revenue of $5.08 billion. That’s below the StreetAccount consensus of 22 cents per share in earnings and $5.19 billion in revenue. Its full-year guidance was also soft.

Read more here.

— Fred Imbert

An aerial view of a Chili’s restaurant on December 13, 2024 in Rohnert Park, California. 

Justin Sullivan | Getty Images

Brinker International‘s fiscal fourth-quarter earnings beat points to a turnaround story for Chili’s, JPMorgan said in a Thursday note to clients.

On Wednesday, the parent company of Chili’s posted adjusted earnings of $2.49 per share, more than the $2.47 analysts polled by FactSet had expected. Revenue came in at $1.46 billion, while consensus estimates had called for $1.44 billion.

In the note, JPMorgan analyst John Ivankoe applauded the efforts of Brinker International CEO Kevin Hochman.

“Brinker blow-out core Chili’s performance continues and matched with modeled 4Q25 and F26 outlook that has now largely caught up with these near-unprecedented results. We can’t stress enough over the past 20 years we heard Chili’s was a dying brand, but the bolt of energy Kevin Hochman & team has brought has taught an ‘anything is possible’ message across the sector,” the analyst wrote. “Kevin’s message remains ‘marketing brings customers in, but operations get them back’ — meaning this is a substance-driven turnaround not dependent on a few social media videos.”

The analyst currently has a neutral rating on the stock. Ivankoe’s $180 price target implies a 14% upside from here.

— Lisa Kailai Han

In a Thursday interview with CNBC, economist Marc Sumerlin confirmed that he’s in the running to be the next Federal Reserve chair.

“I got a call last Wednesday that said there was going to be a list [and] I was going to be on it. That’s as much as I know right now,” he said. “I’m waiting for more guidance on where we go from here.”

Sumerlin also voiced his support for a big interest rate cut. The former senior economist under then-President George W. Bush said that a 50 basis-point rate cut “seems like pretty much a no-brainer to me.”

One basis point equals 0.01%, so a 50 basis-point cut would be half a percentage point.

— Jeff Cox, Lisa Kailai Han

Small-cap stocks pulled back on Thursday session, a turn amid a strong week for the group.

The small cap-focused Russell 2000 fell more than 1% in midday trading. By comparison, the S&P 500 ticked down 0.2%.

Despite Thursday’s underperformance, the Russell 2000 has still risen more than 3% this week. The S&P 500, meanwhile, has added less than 1%.

— Alex Harring

St. Louis Federal Reserve President Alberto Musalem said Thursday he has revised his outlook lower on inflation and risks to labor market higher as he decides the best approach to interest rates.

In a CNBC interview, the central bank policymaker did not commit to whether he would support a quarter percentage point interest rate cut in September, which market pricing points to as a near certainty.

“I try to be as forward looking as possible. Over the last two months, I’ve been revising my assessment of potential weakness the labor market slightly higher. I have revised my assessment to the persistence of inflation slightly lower,” he said. “I don’t want to prejudge the meeting, because I feel my responsibility to the public to continue to update my outlook and balance of risks with new information data.”

While he wouldn’t commit on a cut, he did say he thought a half percentage point move is “unsupported” by current conditions.

On tariffs, Musalem said any inflationary impact probably will fade after two or three quarters.

—Jeff Cox

September rate cut expectations barely budged even after the latest wholesale inflation data came in hotter than expected, though odds of a half percentage point cut were removed.

Odds of a quarter percentage point cut to 4.00%-4.25% coming next month fell to 92.7%, according to fed funds futures pricing. That’s down from 94.3% one day prior.

However, the likelihood of a double cut, to 3.75%-4.00%, dropped to zero, from 5.7% one day ago, showed the CME FedWatch Tool.

The change in expectations comes after the producer price index, which measures goods and services prices, jumped 0.9% on the month, more than the 0.2% gain expected by analysts polled by Dow Jones.

— Sarah Min

The producer price index jumped 0.9% on the month in July, marking its largest monthly gain since June 2022. Economists polled by Dow Jones had estimated a 0.2% gain.

Excluding food and energy prices, core PPI also rose 0.9% in July up from June. This was its largest gain since March 2022. Forecasts had called for a 0.3% uptick.

— Gina Francolla, Lisa Kailai Han

Jobseekers during a Hospitality House career fair in San Francisco, California, US, on Wednesday, Aug. 13, 2025.

David Paul Morris | Bloomberg | Getty Images

U.S. employers may be in a hiring slowdown, but there’s no evidence they’re firing many workers, either.

Initial jobless claims fell to a seasonally adjusted 224,000 for the week ending Aug. 9, down 3,000 from the prior period, the Labor Department reported Thursday. Economists surveyed by Dow Jones had been looking for 229,000.

The longer-term picture also looked slightly better.

Continuing claims, which run a week behind, slipped to 1.95 million, down 15,000 from the prior week. The measure had pretty consistently been running at highs not seen since November 2021.

—Jeff Cox

Check out some of the companies making headlines in premarket trading.

• Tapestry — The Coach New York and Kate Spade parent sank more than 10% after its full-year outlook missed analyst estimates. Tapestry forecast full-year earnings of $5.30 to $5.45 per share, while analysts polled by FactSet were looking for $5.49.
• Deere — The farm equipment maker dropped about 6% after Deere trimmed the top end of its full-year outlook. The Moline, Illinois-based manufacturer forecast net income of $4.75 billion to $5.25 billion, versus a previous forecast of $4.75 billion to $5.50 billion.
• Ibotta — The tech company plummeted more than 34% after second-quarter results missed analyst estimates. Ibotta earned 8 cents per share, below the 19 cents per share that analysts surveyed by LSEG estimated. Ibotta reported revenue of $86 million, below analysts’ forecast of $90.5 million.

Read the full list here.

— Brian Evans

Two men push flat carts stacked high with groceries at a Costco warehouse in Hawthorne, California, on April 4, 2025.

Jay L Clendenin | Getty Images

The producer price index, a measure of wholesale U.S. inflation, rose much more than expected in July — throwing some cold water on the notion that lower Federal Reserve rates later in the year are a guarantee.

PPI increased by 0.9% last month. Economists polled by Dow Jones expected PPI to increase by 0.2% month over month.

— Fred Imbert

Equities may have further upside from here, but investors should still be mindful of elevated volatility going forward, according to UBS.

“While the VIX index of implied stock volatility has fallen to the lowest level since December last year, market swings could pick up quickly if trade tensions escalate significantly, economic data weakens faster than expected, or if geopolitical risks worsen,” the bank wrote in a Wednesday note to clients. “Investors who are already allocated to equities in line with their strategic benchmarks should consider structured strategies with capital preservation features, while those underallocated should prepare to add exposure on potential market dips or consider a disciplined approach to phasing into stocks.”

UBS added that a “well-diversified portfolio” is suited for helping investors hedge against volatility while also setting them up for future gains.

— Lisa Kailai Han

Chair of the US Federal Reserve Jerome Powell departs after speaking during a news conference following the July 29-30 Federal Open Market Committee (FOMC) meeting in Washington, DC on July 30, 2025.

Mandel Ngan | AFP | Getty Images

While the market is now pricing in a 99.9% chance of a rate cut at the Federal Reserve’s September meeting, Bank of America says that ultimately only one opinion matters: Powell’s.

“Market pricing of Fed cuts has been vindicated by dovish comments from a few FOMC members, including Cook and Daly, after the July jobs shock. But, in our view, Chair Powell’s view matters far more than anyone else’s,” wrote economist Aditya Bhave.

He continued: “In June 2022 (75bp hike) and September 2024 (50bp cut), Powell brought both markets and the majority of the FOMC around to his preferred policy stance. Lesson: doubt his force of will at your own peril.”

— Lisa Kailai Han

John Deere booth signage is displayed at CES 2023 at the Las Vegas Convention Center on January 6, 2023 in Las Vegas, Nevada.

David Becker | Getty Images

Deere shares fell more than 6% in the premarket after the agriculture equipment maker issued mixed guidance for the fiscal year.

The company expects net income of $4.75 billion to $5.25 billion. The top end of that range is below a prior guidance that showed net income coming in at around $5.5 billion.

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Asia-Pacific markets mostly closed lower Thursday.

Hong Kong’s Hang Seng Index dropped by 0.37% to close at 25,519.32, while mainland China’s CSI 300 index was flat at 4,173.31.

Meanwhile, South Korea’s Kospi index closed flat at 3,225.66, while the small-cap Kosdaq ticked up 0.14% to 815.26.

Australia’s S&P/ASX 200 benchmark advanced 0.53% to 8,8738.80, after hitting an intra-day high earlier in the session.

Japan’s Nikkei 225 benchmark declined by 1.45% to end the day at 42,649.26, while the broader Topix index lost 1.1% to 3,057.95.

Over in India, the 50-stock benchmark Nifty 50 was up 0.12%, while the BSE Sensex index ticked up 0.11% as of 1:40 p.m. Indian Standard Time (4:10 a.m. ET).

— Amala Balakrishner

CHONGQING, CHINA – JULY 17: In this photo illustration, a person holds a physical representation of a Bitcoin (BTC) coin in front of a screen displaying a candlestick chart of Bitcoin’s latest price movements on July 17, 2025 in Chongqing, China. (Photo illustration by Cheng Xin/Getty Images)

Cheng Xin | Getty Images News | Getty Images

Crypto currencies bitcoin and ether continued to rally Wednesday night, benefiting from increased institutional interest and a more favorable regulatory environment.

Bitcoin hit a fresh all-time high of $123,693, according to Coin Metrics. Ether also pushed higher, getting ever-closer to its 2021 record. The price of ether, better known by its ticker ETH, was recently up 5.7% at 4,763.49.

Increased adoption of cryptocurrency also was reflected in the robust interest in the Bullish IPO on Wednesday. The crypto exchange nearly doubled in its debut. Shares opened at $90, or 143% above its IPO price of $37. The stock closed at $68, or an 84% first-day gain. In extended trading Wednesday evening, Bullish shares added another 12%.

— Christina Cheddar Berk

Twenty four karat gold bars are seen at the United States West Point Mint facility in West Point, New York June 5, 2013.

Shannon Stapleton | Reuters

The outlook for gold mining stocks is finally brightening, with companies “starting to rebuild investor confidence/trust,” UBS analysts led by Daniel Major wrote Tuesday.

Looking ahead, “balance sheets are in great shape and if the gold price remains in the current range, we expect the run-rate of buybacks to accelerate in 2H25,” UBS wrote. Companies’ own internal growth projects will likely accelerate in the midst of long-term gold price assumptions that are increasing faster than cost or capital spending projections, resulting in better internal rates of return. Moreover, mergers and acquisitions are likely to heat up, the bank said.

As evidence, UBS pointed to recent outperformance after many years of underperformance for the miners. Gold stocks, represented by the VanEck Gold Miners ETF, have outperformed the price of gold by more than 40% so far in 2025, and by 15% in the past three months, when gold has done little. In the last 90 days, Gold Fields is up about 40% and AngloGold Ashanti by 30%, while Newmont Corp. is ahead 30% and Kinross Gold by 25%, the UBS report said.

VanEck Gold Miners ETF in the past three months.

A Cisco sign is seen in front of a building at Cisco headquarters on August 13, 2025 in San Jose, California.

Justin Sullivan | Getty Images

Check out the stocks making moves in extended trading Wednesday:

• Cisco — The tech stock pulled back as much as 3% after its fourth-quarter results barely beat expectations. Cisco posted adjusted earnings of 99 cents per share on revenue of $14.67 billion in revenue, while analysts surveyed by LSEG were looking for a profit of 98 cents per share and $14.62 billion in revenue. The company’s guidance also just barely surpassed expectations. Cisco stock is up almost 19% year to date.
• Ibotta — The stock plunged more than 23% on the heels of the tech company’s second-quarter results missing expectations. Ibotta reported earnings of 8 cents per share, below the 19 cents per share that analysts had anticipated. The company also saw its revenue for the quarter come in at $86 million, while analysts had estimated $90.5 million. Its third-quarter revenue guidance also came in weaker than expected.
• Coherent — Shares of the semiconductor manufacturer plummeted almost 18%. The company earned $1.00 per share, excluding items, on revenue of $1.53 billion, above the profit of 91 cents per share and revenue of $1.51 billion that analysts had penciled in, according to LSEG. It also announced that it is selling its aerospace and defense business to Advent for $400 million.

Read the full list of stocks here.

— Sean Conlon

U.S. stock futures traded just below the flatline on Wednesday evening.

S&P 500 futures fell 0.1% shortly after 6 p.m. ET, along with Nasdaq 100 futures. Futures tied to the Dow Jones Industrial Average lost 36 points, or about 0.1%.

— Sean Conlon