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.

Factory-gate prices rose by a much stronger-than-expected 0.9% in July

For investors, the July CPI print was just right, as it raised the odds of a rate cut at the next Fed meeting while showing that inflation isn't spiraling.

The stock market had a strong week despite hot inflation, but with shifts underneath. Amazon jumped on a grocery delivery push.

TheStreet. Stocks have rallied significantly, partly on the argument that the impact of the Trump administration's tariffs on inflation will be smaller than was feared earlier this year. However, the July Producer Price Index,

The S&P 500 dipped 0.3% after flirting with its all-time high, which was set two weeks ago, earlier in the day. The Dow Jones Industrial Average dropped 200 points, or 0.5%, while the Nasdaq composite shaved 0.3% off its own record.

The market rally stalled a bit off the back of hotter-than-expected inflation data. But investors aren't panicking. Why it matters: Investors see the price pressures as proof that consumers can handle more — and that companies can cash in.

And while Deere reported higher-than-expected earnings of $4.75 per share and revenue of $10.4 billion, management now expects net income for the full fiscal year to be $5 billion at the midpoint – down from a previous forecast of $5.15 billion.

Markets are facing a crucial reading on U.S. inflation in the coming week, soon after regaining their footing following volatility triggered by a weak jobs report at the start of August.

The stock market’s rally stalled on Thursday after new data showed factory-gate inflation picking up, introducing fresh question marks over the outlook for interest rates. Major indexes finished mixed and near the flatline after investors bought the shares of big technology and financial companies and sold smaller stocks that had surged earlier in the week.