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Stock Rally Hits a Wall as US Inflation Picks Up | Closing Bell
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August 14, 2025
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10:23Now PlayingComprehensive cross-platform coverage of the U.S. market close on Bloomberg Television, Bloomberg Radio, and YouTube with Romaine Bostick, Scarlet Fu, Carol Massar and Tim Stenovec.
The blistering run in stocks hit a wall as a pick-up in inflation lifted bond yields alongside the dollar, with traders paring bets the Federal Reserve will cut interest rates next month.
After a 30% surge from its April lows, the S&P 500 barely budged. While the move was mild amid gains in most big techs, over 350 shares fell. Intel Corp. jumped as the US was said to discuss taking a stake in the chipmaker. In late hours, Applied Materials Inc. gave a downbeat forecast.
Two-year yields climbed six basis points to 3.73%. While money markets still see at least half a percentage point of Fed easing in 2025, the odds of a September cut fell to around 85%. The dollar rose against all developed-world peers.
US wholesale inflation accelerated in July by the most in three years, suggesting companies are passing along higher import costs related to tariffs. The producer price index increased 0.9% from a month earlier and 3.3% from a year ago. Services costs jumped 1.1% last month.
With consumer price data earlier this week pointing to a milder pass-through in July, and the labor market now shifting to a lower gear, the Fed is widely expected to cut rates next month. However, firm wholesale inflation data may give some officials pause that prices are rearing back up.
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