Wall Street today: US stocks advance after softer producer prices data, Nvidia up 5.2%

US stocks advanced on Tuesday after producer prices data showed abating inflation pressures.

As of 11 am Eastern time, the Dow Jones Industrial Average was up 165 points, or 0.4 per cent, the S&P 500 was 1 per cent higher, and the Nasdaq Composite was 1.6 per cent higher.

At 9:35 a.m. ET, the Dow Jones Industrial Average rose 183.81 points, or 0.47 per cent, to 39,540.82, the S&P 500 gained 45.19 points, or 0.85 per cent, to 5,389.58 and the Nasdaq Composite gained 208.14 points, or 1.24 per cent, to 16,991.01.

The producer prices, the wholesale inflation, rose less than expected in July.

Last month, the Producer Prices Index (PPI) grew 2.2 per cent after climbing 2.7 per cent in June.

On Wednesday, the US government will release the July data on consumer inflation.

In the bond market, the yield on the 10-year Treasury fell to 3.86 per cent from 3.91 per cent late on Monday.

Starbucks stock climbed 21.3 per cent after it said Chipotle Mexican Grill’s Brian Niccol will take over as chairman and chief executive next month.

Home Depot stock fell 0.5 per cent after the company forecast a decline in annual profit and a bigger drop in its annual sales.

Chipmaker Nvidia rose 5.2 per cent and was the strongest force pushing upward on the S&P 500.

BuzzFeed stock surged 10 per cent after the media company narrowed its net loss in the second quarter.

Bullion

Gold prices dropped on Tuesday as investors booked profits after the metal closed at an all-time high in the previous session.

Spot gold was down 0.2 per cent at $2,468.33 per ounce by 1259 GMT.

Spot silver fell 1.1 per cent to $27.71 per ounce.

Crude oil

Oil prices fell more than $1 a barrel on Tuesday as markets saw reduced risk of a wider war in the Middle East.

Benchmark Brent crude futures were down $1.16, or 1.4 per cent at $81.16 a barrel as of 9:13 am Central time (1413 GMT) while US West Texas Intermediate crude was down $1.11, or 1.4 per cent, at $78.95 a barrel.