Hotter-than-anticipated July PPI data, which showed the biggest monthly gain since June 2022, pushed markets off their recent surge to record highs. All three major indexes still settled near breakeven, but the S&P 500 still scored a third-straight record close. The hot inflation data bolstered bond yields and the U.S. dollar, with the 10-year treasury note just shy of 4.3%. Despite today's bucket of cold water, the Dow, Nasdaq, and S&P 500 are still on track for weekly wins.

PPI DATA PRESSURES GOLD PRICES

Ahead of President Donald Trump's meeting with Russian President Vladimir Putin over the Ukraine war, oil prices surged. September-dated West Texas Intermediate (WTI) rose $1.29, or 2.1%, to settle at $63.94, near a one-week high.

Today's PPI data pushed Treasury yields and the U.S. dollar higher, subsequently pressuring gold prices. August-dated gold futures dropped 0.7% to close around $3,383.20 per ounce.

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