- Wall Street shares reverse early gains after inflation data
- Oil up on U.S. supply concerns
WASHINGTON/LONDON, Sept 10 (Reuters) – Wall Street main indexes reversed early gains on Friday after data showing persistent U.S. inflation offset expectations of an easing in U.S.-China tensions after a call between President Joe Biden and China’s Xi Jinping.
U.S. producer prices increased solidly in August, indicating that high inflation is likely to persist for a while, with supply chains remaining tight as the COVID-19 pandemic drags on.
“Headlines reflecting the highest annual producer price increases in decades won’t give those worried about inflation much comfort, but the smaller month-over-month increase and recent evidence indicating supply chain bottlenecks are no longer intensifying suggest a peak in producer inflation may be near,” said Marc Zabicki, Director of Research for LPL Financial.
The Dow Jones Industrial Average (.DJI) fell…