The U.S. Producer Price Index (PPI) for November rose faster than expected, up 0.4% month-over-month, higher than the market consensus of 0.3%. The annualized rate climbed to 3% versus the expected 2.6%.
Core PPI came in at 0.2% MoM, with the annualized rate at 3.4%, also above the forecast of 3.2%.
All four major U.S. stock index futures dropped in pre-market trading, with the Russell 2000 and Nasdaq leading the decline at -0.5%. Decliners outnumbered gainers across individual stocks, with movements relatively balanced and no clear sectoral leader.
Adobe (ADBE) issued weaker-than-expected earnings and revenue guidance for next fiscal year, sending its stock down 11%.
Despite the Nasdaq repeatedly hitting new highs, the rally has been largely propped up by six major tech mega-cap stocks, while most other sectors have been undergoing corrections. As these tech giants now face long-term key resistance levels after extended gains, their performance remains the key market focus going forward.
With little time left in the year and following strong gains, investors are advised to be cautious about aggressively increasing positions.
SPY intraday technical levels: potential upside test around $609, downside support test around $603.
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