Newscasts - Wall Street ends flat, but S&P 500 hits another closing high

Tapestry

14/08/2025 23:39

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Source: 'Reuters - Business videos'

Description: Wall Street's main indexes were mixed on Thursday (August 14) with S&P 500 edging up to a closing high, while Dow Jones and Nasdaq were flat, after a hotter-than-expected producer prices report dampened expectations of potential interest-rate cuts. Alex Cohen has more.

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Video Transcript:

Wall Street's main indexes finished essentially flat Thursday, but the S&P 500 edged up to hit its third straight record closing high. It followed a report from the Labor Department that showed producer price inflation increased the most in three years. That dampened expectations of potential interest rate cuts from the Federal Reserve. Recent data reflecting labor market weakness and a moderate rise in consumer prices had strengthened expectations that the central bank could lower interest rates next month. Traders are still fully pricing in a 0.25-percentage-point cut in September but are less certain on the path beyond that. Dean Smith, Chief Strategist and Portfolio Manager with FolioBeyond, blames the jump in prices on President Donald Trump's trade policies.

I think we're really starting to see the effects of the tariffs push their way through the supply chains and this is going to continue in my view. We're just at the starting point of this race and the impact of the tariffs are going to be with us for quite a while, so get used to seeing higher inflation prints.

Stocks on the move included Deere. The farm equipment company's shares fell nearly 7% after it reported a lower quarterly profit and tightened its annual profit forecast. And shares of Tapestry plunged close to 16% after the Coach handbag maker forecast annual profit below estimates. Both companies warned of tariffs impacting their businesses.