US stock market tumbles as PPI inflation hits 3-year high, crushing Dow, S&P, Nasdaq and Fed rate cut hopes

US stock market opened weaker as hotter-than-expected U.S. wholesale inflation rattled markets, pushing the Dow Jones, S&P 500, and Nasdaq into early losses. Julys Producer Price Index (PPI) surged 0.9% month-over-month, well above forecasts, underscoring stubborn price pressures. AI stock Coherent plunged nearly 19% after disappointing Q2 earnings, sparking caution in growth sectors. Amazon, Netflix, and UnitedHealth managed modest gains, while Nvidia and other big tech names slipped.