Stock Market Today: Stocks Keep Climbing After Latest Inflation Data
While the main indexes gained ground on a welcome producer price index report, Target surged after disclosing an unexpected Q3 profit.


Another encouraging reading on inflation and some bad-news-is-good-news retail sales data helped stocks open higher Wednesday, with the main indexes building on Tuesday's blowout gains.
The economic reports are just the latest to confirm that the Federal Reserve's aggressive interest rate hikes are doing what is needed to slow the economy and bring inflation down.
The Bureau of Labor Statistics this morning said the October Producer Price Index (PPI), which measures what businesses are charging suppliers for goods, fell 0.5% month-over-month. This was the biggest decline since April 2020, and came in well below September's 0.4% increase. Core PPI, which excludes volatile food and energy prices, also improved, rising 0.1% vs September's 0.3% gain.
From just $107.88 $24.99 for Kiplinger Personal Finance
Be a smarter, better informed investor.

Sign up for Kiplinger’s Free Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
"A powerful one-two combination of data pointing to softening inflation is continuing to support investor sentiment and a strong equity rally with Producer Price data this morning showing weaker-than-expected price increases among wholesalers," says José Torres, senior economist at Interactive Brokers. "The data follows yesterday's release of the Consumer Price Index, which showed no month-over-month change."
Retail sales fall less than expected in October
Also on Wednesday's economic calendar were retail sales, which fell 0.1% from September to October. This marked the first monthly decline since March, though it was narrower than economists were anticipating.
"The resumption of student loan repayments definitely had an adverse impact, as a portion of wages was allocated to debt service vs consumption," Torres says. However, as the economist notes, investors are taking the results of this report as "disinflationary rather than contractionary."
Indeed, the Dow Jones Industrial Average ended today up 0.5% to 34,991, while the S&P 500 gained 0.2% to 4,502, and the Nasdaq Composite added 0.07% to 14,103.
Target soars after reporting a surprise Q3 profit
In single-stock news, Target (TGT) stock soared nearly 18% (17.8%, to be exact) after the major retailer disclosed earnings. The company reported third-quarter earnings of $2.10 per share vs expectations for a per-share loss of $1.47, and said same-store sales came in better than anticipated. This helped offset weaker-than-expected revenue of $25.0 billion.
Sirius XM Holdings (SIRI) was another notable mover, jumping 6.1% after a regulatory filing revealed the satellite radio company was among the stocks Warren Buffett bought and sold in the third quarter. Specifically, Buffett & Co. bought 9.7 million SIRI shares over the three-month period.
Still, the SIRI position is minimal compared to other massive holdings such as Apple (AAPL, +0.3%), which accounts for half of Buffett's Berkshire Hathaway equity portfolio.
Related content
- Bill To Avert Government Shutdown Passes In The House
- Kiplinger's Earnings Calendar for This Week (Nov. 13-17)
- Citi Fined For Denying Credit Cards To Armenian Americans
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.

With over a decade of experience writing about the stock market, Karee Venema is the senior investing editor at Kiplinger.com. She joined the publication in April 2021 after 10 years of working as an investing writer and columnist at a local investment research firm. In her previous role, Karee focused primarily on options trading, as well as technical, fundamental and sentiment analysis.
-
The Rubber Duck Rule of Retirement Tax Planning
Retirement Taxes How can you identify gaps and hidden assumptions in your tax plan for retirement? The solution may be stranger than you think.
-
No Passport? No Problem. Seven US Getaways That Feel Like an International Vacation
From Puerto Rico’s Caribbean flair to Santa Fe’s old world charm, these American destinations deliver a global travel experience — without the hassle of customs or currency exchange.
-
Stocks Rise to End a Volatile Week: Stock Market Today
The market's fear index reached and retreated from a six-month intraday peak on Friday as stocks closed the week well.
-
Dow Sinks 301 Points on Trade War Talk: Stock Market Today
The contentious relationship between the world's two biggest economies continues to drive global financial markets.
-
Trade Uncertainty Sparks Whipsaw Session: Stock Market Today
Volatility is making a cameo here in mid-October, a generally positive month marked by its historic stock market events.
-
Stocks Swing in Volatile Session: Stock Market Today
The main indexes fell sharply in early trading on rising China tensions, but rebounded thanks to encouraging bank earnings.
-
Dow Adds 587 Points as Stocks Bounce: Stock Market Today
The main indexes rebounded sharply Monday after President Trump took a calmer stance toward China.
-
Dow Dives 878 Points on Trump's China Warning: Stock Market Today
The main indexes erased early gains after President Trump said China is becoming "hostile" and threatened to cancel a meeting with President Xi.
-
Stocks Retreat as Shutdown Continues: Stock Market Today
While the main indexes closed lower today, Delta and PepsiCo gained ground on encouraging earnings reports.
-
S&P 500 Hits New Highs as Rally Resumes: Stock Market Today
Tech stocks were the biggest gainers on Wall Street today, with Nvidia and Dell making notable moves.