A.M. Update PPI Hot

S&P futures are down 0.4%, knee jerking lower on the release of a hotter than expected producer price index report. Russell 2000 futures are down 1.4%. The index for final demand increased 0.9% month-over-month in July (consensus: 0.2%) following an unrevised reading of 0.0% in June. This is the biggest jump since June 2022. The…