US stock indices retreated on Thursday after a hotter-than-expected wholesale inflation data dampened investor hopes of interest rate cuts by the Federal Reserve this year. A Labor Department report showed the Producer Price Index (PPI) rose 0.9% in July on a month-on-month basis, much greater than Wall Street estimates.

Stocks were slightly lower Thursday after a closely watched inflation report revived concerns about the impact that tariffs are having on the economy.

Stocks were lower Thursday, easing back from record highs, as investors grappled with a hotter-than-expected reading on July PPI.