A.M. Update – Hot PPI

S&P futures are flat, giving back modest overnight gains as the Producer Price Index came in much hotter than expected. PPI for final demand increased 1.4% month-over-month in April (consensus: 0.4%) following an upwardly revised 0.7% increase (from 0.5%) in March. That’s the biggest MoM jump since March 2022, lifting PPI 6.0o YoY (vs 4.8%…