“This volatility is the norm not the exception now,” said Art Hogan, primary market strategist at B. Riley FBR. “It’s the understanding of exactly what tariffs imply … right now we’re focused on considerable tariffs on Chinese products.”
A source informed CNBC on Tuesday that Washington is TheDepartment of Labor stated on Wednesday that its manufacturer price index increased 0.2 percent last month; economic experts polled by Reuters had expected PPI gaining 0.1 percent.So-called core PPI– which omits volatile food, energy and trade service rates– rose 0.4 percent.”It’s sort of a variety. You’ve got retail sales missing out on expectations and PPI and company stocks coming in line,”said Randy Frederick, vice president of trading and derivatives at Charles Schwab. “We seem to be in a consolidation phase this week.”In corporate news, Ford Motor Company’s stock got 2.2 percent after Morgan Stanley upgraded the business to obese from underweight. The bank sees more potential in the American motor lorry business following”significant changes “to senior management at the business and its efforts to improve its international portfolio.Shares of Qualcomm closed 0.7 percent higher in choppy trade after Broadcom revealed that it is officially ending its hostile quote for the American chipmaker. Qualcomm stock fell nearly 5 percent Tuesday after Trump purchased Broadcom to abandon the deal.Yields on 10-year Treasurys fell to 2.817 percent Wednesday in New York, their lowest level because early March. Yields move inversely to costs.– CNBC’s Gina Francolla added to this report.