© Reuters.
By Liz Moyer
Investing.com — U.S. stocks were falling after higher-than-expected producer price data refueled concerns about interest rates.
At 11:15 ET (16:15 GMT), the was down 246 points or 0.7%, while the was down 0.5% and the was down 0.2%.
The Labor Department said rose 0.7% in January after a 0.2% fall in the previous month. Analysts expected a monthly rise of 0.4%. For the year, producer prices in January from a 6.5% increase in December. But analysts were expecting a rise of 5.4%.
Investors are expecting the Federal Reserve to raise by a quarter of a percentage point when it meets next month. But there has been hope that the Fed was nearing the end of its rate-hiking cycle. Hotter-than-expected data could encourage the Fed to keep its aggressive stance in place for longer.
The strong labor market is also stoking these fears. unexpectedly fell last week. Initial claims fell to 194,000 last week while analysts were expecting 200,000.
Shares of Roku, Inc. (NASDAQ:) rose 17.5% after the streaming television device maker , with a 16% increase in active users. It also forecast strong growth in the current quarter, expecting its streaming devices and content platform to drive growth.
Shares of Shopify Inc. (NYSE:) fell 15.5% after the e-commerce platform for businesses unveiled a weaker-than-anticipated financial outlook despite reporting a surprise in the fourth quarter.
Shares of Cisco Systems, Inc. (NASDAQ:) rose 5% after it raised its full-year earnings forecast and delivered strong . Spending on network infrastructure remains resilient.
Oil was falling. were down 0.5% to $78.17 a barrel, while were down 0.5% to $84.95 a barrel. fell 0.2% to $1,842.