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NASDAQ-Adv: 2,234 Dec: 1,952 NYSE-Adv: 2,166 Dec: 1,763 (Source: Nasdaq)

Traders on Tuesday pared bets the Federal Reserve will deliver a first interest-rate cut in September after a government report showed wholesale prices rose more than expected in April.

The 0.5% increase in last month’s producer price index from a month earlier provided little comfort that progress on inflation had resumed after disappointingly strong first quarter inflation data.

After Tuesday’s PPI report traders saw about a 60% chance of a rate cut in September, compared with a 64% chance seen before the report.
Source: Reuters (Reporting by Ann Saphir; Editing by Kirsten Donovan)

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