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Most US stocks fall after a disappointing inflation update, but Big Tech keeps Wall Street steady

NEW YORK (AP) — Most stocks fell on Wall Street Thursday after a disappointing report said inflation was worse last month at the U.S. wholesale level than economists expected. But gains for Amazon and some other influential Big Tech companies helped mask the losses.
Seven out of every 10 stocks within the S&P 500 fell, though the index edged up by less than 0.1% to set another all-time high. The Dow Jones Industrial Average dipped 11 points, or less than 0.1%, and the Nasdaq composite dipped by less than 0.1% from its record set the day before.
The inflation report said that prices jumped 3.3% last month at the U.S. wholesale level from a year earlier. That was well above the 2.5% rate that economists had forecast, and it could hint at higher inflation ahead for U.S. shoppers as it makes its way through the system.
The data forced traders to second guess their widespread consensus that the Federal Reserve will cut interest rates at its next meeting in September. Lower rates can boost investment prices and the economy by making it cheaper for U.S. households and businesses to borrow to buy houses, cars or equipment, but they also risk worsening inflation.
“This doesn’t slam the door on a September rate cut,” but it may raise some doubt, according to Chris Larkin, managing director, trading and investing, at E-Trade from Morgan Stanley.
AP AUDIO: Most US stocks fall after a disappointing inflation update, but Big Tech keeps Wall Street steady
Most stocks fell on Wall Street after a report showed inflation was worse last month at the U.S. wholesale level than economists expected.
Traders now see a 7.4% chance that the Fed may hold rates steady in September, according to data from CME Group. A day earlier, they were betting on a 100% certainty that the Fed would cut its main rate for the first time this year.
Higher interest rates drag on all kinds of companies by keeping the cost to borrow high. They can hurt smaller companies in particular because they often need to borrow to grow. The Russell 2000 index of smaller U.S. stocks tumbled a market-leading 1.2%.
Thursday’s disappointing data followed an encouraging update earlier in the week on prices at the consumer level. A separate report on Thursday, meanwhile, said fewer U.S. workers applied for unemployment benefits last week. That’s a good sign for workers, indicating that layoffs remain relatively low at a time when job openings have become more difficult to find.
But a solid job market could also give the Fed less reason to cut interest rates in the short term.
The data helped send Treasury yields higher in the bond market. The yield on the 10-year Treasury climbed to 4.28% from 4.20% just before the data reports’ release and from 4.24% late Wednesday.
On Wall Street, Tapestry tumbled after the company behind the Coach and Kate Spade New York brands showed it’s feeling the pressure of tariffs.
It detailed how much profit it could lose in its upcoming fiscal year because of tariffs and duties, and its forecast for profit fell short of analysts’ expectations even though its forecast for revenue came in above. Its stock fell 15.7%, despite it also reporting a stronger profit for the latest quarter than analysts expected.
Deere fell 6.8% even though the machinery maker likewise delivered a better profit than expected. There, too, the focus was on where profits are heading. It cut the top end of its forecasted range for profit this fiscal year and said its customers “remain cautious amid ongoing uncertainty.”
On the winning side of Wall Street was Fossil Group, which jumped 29.8% after the seller of watches and other accessories reported better profit than expected. It also announced a plan to strengthen its finances, while trimming its forecast for how much it expects worldwide net sales to fall this year.
Big Tech stocks also helped mask Wall Street’s losses. Amazon rose 2.9% to add to its gains from the prior day when it announced same-day delivery of fresh groceries in more than 1,000 cities and towns.
Because Amazon is so huge, with a market value of $2.45 trillion, the movements for its stock carry much more weight on the S&P 500 than the typical company’s.
All told, the S&P 500 rose 1.96 to 6,468.54 points. The Dow Jones Industrial Average edged down 11.01 to 44,911.26, and the Nasdaq composite dipped 2.47 to 21.710.67.
In stock markets abroad, indexes were mixed across Asia and Europe ahead of a key meeting between U.S. President Donald Trump and Russian President Vladimir Putin on Friday.
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AP Writers Teresa Cerojano and Matt Ott contributed.
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‘Way too much’: Utah violinist’s detention by immigration officials sparks backlash from backers

SALT LAKE CITY — That federal immigration officials are taking aim at John Shin, a violinist originally from South Korea, is a misuse of resources, Gabriel Gordon charges.
“That is just way too much for somebody who gives so much to this community and to this society. He’s a great father and a great husband and a great friend and a great musician, and this just shouldn’t be happening to him,” said Gordon, a fellow violinist.
Shin, who has a master’s degree in music performance from the University of Utah and has performed with the Utah Symphony and Ballet West, has long lived in Utah. He now finds himself in a federal immigration detention center in Aurora, Colorado.
Shin’s Salt Lake City lawyer, Adam Crayk, offered stronger words. A hearing in his client’s case is set for next Tuesday.
“Unless there is something out there, some sort of smoking gun that the government is hiding that’s going to be revealed in his first court (appearance), this is one of the most dumb, idiotic, egregious wastes of federal resources that I’ve had to deal with in a while,” Crayk said.
Shin legally entered the country, he noted, and has been married to an American woman for four years.
Shin, brought from South Korea as a child by his father, was unexpectedly detained on Aug. 18 by immigration officials, part of President Donald Trump’s crackdown on illegal immigration across the country. The arrest has prompted a strong public outcry from his family and supporters. Gordon and oboist Nicole Fullmer — longtime friends — have been regularly playing music in the rotunda of the Utah Capitol in Salt Lake City to call attention to what they view as a miscarriage of justice.
“He is a wonderful person. He is good for the community. He is a positive influence on everyone he touches. He absolutely does not deserve to be deported,” said Fullmer. She studied music at the U. with Shin and Shin’s American wife Danae Snow, who plays the viola.
Regardless, as immigration officials ratchet up efforts around the country to detain and deport immigrants in the country illegally, federal officials offered their own tough response.
Gordon understands Shin entered the United States on an immigrant visa and later secured status under the Deferred Action for Childhood Arrivals program, which allows eligible immigrants brought to the country illegally by their parents to remain and work in the United States. However, a senior U.S. Department of Homeland Security official stated that Shin entered the country from South Korea in 1998 on a tourist visa. That visa, according to the official, required him to leave the following year.
“Over 25 years later, he was still illegally in the U.S.,” reads the statement to KSL.com from the official. Trump and Department of Homeland Security Secretary Kristi Noem “are committed to restoring integrity to the visa program and ensuring it is not abused to allow aliens a permanent one-way ticket to remain in the U.S. Our message is clear: Criminal illegal aliens are not welcome in the United States.”
While the Trump administration’s approach has garnered support from many, Shin’s backers are equally resolute, and the case underscores the complex sentiments the immigration issue has stirred. Shin and his family have received nearly $70,000 in donations from supporters as part of a GoFundMe campaign to raise funds for his legal defense and his backers are planning a benefit concert on Monday, Sept. 1, for Shin.
The case also highlights the debate about the weight of prior brushes with the law, particularly if they’re relatively minor, in determining whether immigrants face the force of the immigration crackdown.
The Department of Homeland Security said Shin’s “criminal history includes a DUI conviction,” that is, a conviction for driving under the influence, presumably of alcohol. Crayk, though, said the 2019 charge, originally driving under the influence, was ultimately reduced to the less-severe driving while impaired, a class B misdemeanor.
He said the impaired driving charge “requires no sort of forgiveness, no sort of waiver” to fix Shin’s migratory status.
“We just have to prove he entered the United States lawfully and that he is legitimately married to a United States citizen,” Crayk said. He didn’t immediately respond to a query about the significance of immigration officials’ contention that Shin overstayed a tourist visa, supplied after Crayk initially spoke with KSL.com.
Crayk blasted the apparent resources that immigration officials poured into Shin’s detention. He was detained, the lawyer said, by a special Department of Homeland Security team that typically focuses on immigrant fugitives involved in drug trafficking and other serious crimes. Indeed, at next Tuesday’s hearing, Shin will seek release from detention on bond, and meeting the requirements — showing that he’s not a danger to the community or a flight risk — “should be fairly easy,” Crayk said.
Meantime, Shin now regularly speaks by phone with his wife, though she was initially unable to reach him after his arrest. “He’s maintaining a relatively positive attitude,” Crayk said.
Members of the music community, for their part, are getting word out about Shin’s case and trying to drum up support for him. They’ve launched a letter-writing campaign aimed at the immigration judge in Shin’s case to demonstrate the community’s backing for him. Next Monday’s benefit concert, featuring Shin’s musician friends and Kurt Bestor, a Grammy-nominated musician, is set for 7 p.m. and will be held at First United Methodist Church at 203 S. 200 East in Salt Lake City.
“John is probably one of the kindest people I know. He’s just always very positive and upbeat,” Fuller said. “There has been a huge outpouring of people, both who know him and/or know Danae and people who even don’t necessarily know them personally but have worked with them.”
Gordon thinks there are more problematic issues than Shin.
“There are actual problems here in this country that need to be solved. John and people like him are not one of them, that’s for sure,” he said. “They add to our country, and they add to our society and they should stay.”
The Key Takeaways for this article were generated with the assistance of large language models and reviewed by our editorial team. The article, itself, is solely human-written.
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LSU vs. Clemson live updates: Tigers battle as top draft prospects Garrett Nussmeier, Cade Klubnik headline

A top-10 showdown in Death Valley (East) could be the best of a terrific Week 1 college football slate to open the 2025 season.No. 9 LSU at No. 4 Clemson has more than enough storylines to keep you interested.
In Clemson quarterback Cade Klubnik vs. LSU quarterback Garrett Nussmeier, you have two of the most popular options to be taken No. 1 overall in next year’s NFL Draft. It’s why multiple NFL general managers are expected to be inside Memorial Stadium on Saturday. But, it doesn’t stop there.
It’s “DLU” (Clemson’s Peter Woods, T.J. Parker) vs. what could be LSU’s reemergence as “DBU” after an aggressive offseason talent overhaul. It’s star receivers (LSU’s Nic Anderson and Barion Brown) vs. star receivers (Clemson’s Antonio Williams, Bryant Wesco Jr.) It’s Dabo Swinney vs. Brian Kelly. Tigers vs. Tigers.
A win puts the victor on the fast track to making the College Football Playoff. A loss makes the path that much more treacherous, especially for LSU and a slate that still includes six preseason top 25 SEC teams.
Keep it locked here as CBS Sports provides you with live updates, highlights and analysis as LSU battles Clemson to open the 2025 season in Week 1.
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Jelena Ostapenko clears up comments after Taylor Townsend flap

Jelena Ostapenko finally offered an apology for her U.S. Open altercation with Taylor Townsend, three days after the fact and on social media.
As Townsend moves on in Flushing Meadows — winning again in doubles on Saturday and slated for singles Round of 16 on Sunday — the beaten Ostapenko sought to move on from the fervor she caused by her on-court tantrum following a 7-5, 6-1 loss, when she told the victorious American that she had “no education.”
Townsend, who is black, added in an on-court interview that Ostapenko had accused her of having “no class” as well. Numerous players came to Townsend’s defense in the ensuing days, including Naomi Osaka and Coco Gauff.
On Saturday, Ostapenko belatedly took to social media “to apologize for some of the things” she said. While Ostapenko wasn’t specific and didn’t mention Townsend, she did offer up the language barrier as an alibi.
“English is not my native language, so when I said education, I was speaking only about what I believe as tennis etiquette, but I understand how the words I used could have offended many people beyond the tennis court,” Ostapenko wrote. “I appreciate the support as I continue to learn and grow as a person and a tennis player. Goodbye New York and I look forward to being back next year.”
Townsend has tried to take the high road.
“That has been a stigma in our community of being not educated and all of the things when it’s the furthest thing from the truth,” Townsend said.
Meanwhile, the 29-year-old Townsend continued to roll along in Flushing Meadows.
She’s slated to play Barbora Krejcikova in the Round of 16 on Sunday, and teamed with Katerina Siniakova for a second-round 6-3, 6-3 doubles win over Alycia Parks and Dayana Yastremska on Court 12 on Saturday.
They’ve risen to the top-ranked doubles team after winning Wimbledon last year and this year’s Australian Open. Now they’re into the third round.
Venus Williams, at the age of 45, teamed with Leylah Fernandez for a 7-6, 6-1 doubles win over Ulrikke Eikeri and Erl Hozuml, completed with her signature twirl at the end.
The first week of the U.S. Open has been dramatic, between blowups by Daniil Medvedev and Ostapenko and Stefanos Tsitsipas. But some players suggested it may be the city bringing out the drama.
“We’re in New York, and the fans here — I love them — but they can definitely … you’re on the wrong side of things, can … they’re into the match. They’re passionate tennis fans. They know what’s going on,” Gauff said. “And they’re used to other events, major events, happening in the city that aren’t tennis.”
Jess Pegula, from upstate New York, agreed the city may be playing a role.
“I don’t know. It’s just New York City tends to bring out just a lot of drama, I guess,” Pegula laughed. “I feel like the crowds, they’re pretty crazy. They kind of get everyone riled up. Like you said, everyone is tense.”
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