Dow Jones Today Drops As Fed Rate Hike Bets Surge To 70%

US stocks are sliding as oil climbs above $100 a barrel and August producer prices came in hotter than expected. PPI rose 5.4% year-on-year, above the 5.3% forecast, while core PPI jumped to 4.6% from 4.3%. September rate hike expectations rose to 70%, up from 60%. Dow futures are down 0.33%, Nasdaq futures down 1%, though S&P 500 futures edged up 0.55%. Technically, the Dow has broken below its rising trendline and 50 EMA, with sellers eyeing 52,000 next. Meta rose 1.4% on a JPMorgan upgrade, Apple gained 1% after unveiling its foldable iPhone, while Macy’s fell despite beating earnings.

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