Stock market today: US stocks end mixed as investors wait on fresh inflation data

Major indexes traded mostly flat as investors looked ahead to the next inflation indicator due out on Thursday morning.

• US stocks traded relatively flat on Wednesday as traders looked ahead to fresh inflation data.
• The producer price index, a measure of wholesale inflation, is set to roll out on Thursday.
• The data point could help determine the pace of interest rates cuts later in 2024.

US stocks ended mixed on Wednesday, with major benchmark indexes mostly flat as investors eyed upcoming economic data.

Markets are waiting on the producer price index, a measure of wholesale inflation, and initial jobless claims to roll out Thursday morning. Traders are also eyeing the release of February retail sales to give a picture of how consumers are faring. Expectations are for retail sales to have increased 0.8% month-over-month, after notching a decline by that amount in January. 

February consumer inflation data this week came in slightly hotter than expected, with consumer prices rising 3.1% last month, according to the Bureau of Labor Statistics.

"Investors perhaps became overly optimistic about the downtrend in inflation in Q4. Q1 is merely payback," TS Lombard strategists said in a note on Wednesday. "Opinions differ within the team, but we think disinflation still has a little further to go," the note added.

Despite signs of a robust economy, some investors are anticipating aggressive rate cuts from the Fed later this year. Markets are pricing in 43% chance central bankers could slash rates by 100 basis points or more by December, per the CME FedWatch tool.

Here's where US indexes stood at the 4:00 p.m. closing bell on Wednesday: 

• S&P 500: 5,165.35, down 0.19%
• Dow Jones Industrial Average: 39,044.17, up 0.1% (+38.68 points)
• Nasdaq Composite: 16,177.77, down 0.54% 

Here's what else is going on today: 

• People rebuffing recession calls make the outlook for the economy "dangerously" similar to 2007, according to SocGen's Albert Edwards.
• Rising unemployment is the biggest threat to a soft landing, Nobel laureate Paul Krugman said.
• Nvidia stock isn't even that expensive at a $2 trillion valuation, according to Bank of America. 
• Crypto miners are pulling in more money than ever as bitcoin shatters records.
• Bearish sentiment on Tesla stock is overdone, according to Wedbush strategists.

In commodities, bonds, and crypto: 

• West Texas Intermediate crude rose 2.8% to $79.87 a barrel. Brent crude, the international benchmark, rose 2.6% to trade at $84.18 a barrel. 
• Gold ticked higher 0.2% to $2,163.40 per ounce. 
• The 10-year Treasury yield rose three basis points to 4.19%.
• Bitcoin jumped 2.3% to $73,220.