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Two significant economic reports took center stage on Friday. The first report focused on the Producer Price Index (PPI) inflation, which was up 0.8% year-on-year in July, a substantial increase from June’s 0.2%, surpassing analysts’ earlier projections of 0.7%.
The higher-than-expected producer inflation sparked some concerns among investors regarding a potential resurgence of inflation risks. However, it’s worth noting that the Consumer Price Index (CPI) report released on Thursday showed a lower-than-anticipated inflation print in July.
The University of Michigan’s consumer sentiment index saw a slight dip from July’s 71.6 to 71.2 in the first two weeks of August, just shy of expectations set at 71. The index for current economic conditions showed a small growth of 1.1% for the month, while the one for consumer expectations weakened by 1.5%. Interestingly, one-year inflation expectations saw a further decrease from 3.4% to 3.3%, while long-term expectations remained steady.
Here are some of the immediate reactions to economic data from exchange-traded funds during the Friday morning session:
Chart: Nvidia Is On Track For The Worst Week In Nearly A Year
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