Yahoo Finance Yahoo Finance Sign in Search query Search for news or symbols LIVE Updated 2 mins ago Yahoo Finance Stock market today: Dow, S&P 500, Nasdaq edge lower with rate cuts front of mind Karen Friar · Editor Updated Thu, December 12, 2024 at 8:33 PM GMT+6 1 min read In This Article: YM=F -0.12% ^GSPC -0.26% NQ=F -0.49% Earn Money Today with YeloSurvey [Join Now] Start Surveys Ad US stocks pulled back on Thursday as fresh inflation data cast doubt on investor confidence that the Federal Reserve will cut interest rates next week. The Dow Jones Industrial Average (^DJI) edged down 0.1%, while the S&P 500 (^GSPC) slipped roughly 0.2%. The tech-heavy Nasdaq Composite (^IXIC) fell 0.5% to lead the way lower. A downbeat revenue forecast from Adobe (ADBE) helped dampen the mood, revealing the Photoshop maker's struggle for a payoff from its AI investments. Shares in the software maker sank about 12% in early trading. Investors received another piece of the inflation puzzle — an update on wholesale prices — after the latest consumer inflation data invigorated stocks on Wednesday, lifting the Nasdaq Composite (^IXIC) above 20,000 for the first time. The in-line consumer price index reading cleared one of the last remaining risks to easing by the Fed in December. That boosted bets on a quarter-point rate cut in December to a near 99% chance, per the CME FedWatch tool. DJI - Free Realtime Quote • USD Dow Jones Industrial Average (^DJI) Follow 44,126.88 -21.68 (-0.05%) As of 9:35:24 AM EST. Market Open. ^DJI ^IXIC ^GSPC 1D 5D 1M 3M 6M YTD 1Y 5Y All The November producer price index released on Thursday morning came in hotter than expected, rising 0.4% from the previous month. Economists had been expecting an increase of 0.2%. Excluding food and energy prices, the year-over-year Producer Price Index rose 3.4% versus expectations of 3.2%. The chances of the Fed holding rates steady in January are also in focus, after several officials voiced a cautious stance on policy. Elsewhere in central banks, the Swiss National Bank unexpectedly lowered its key rate by 0.5%, its biggest cut in almost 10 years. The move set the stage for the European Central Bank decision later Thursday, expected to deliver the fourth rate cut this year as the region's economy struggles. LIVE 6 updates