The major averages were quiet most of the day following new inflation data showing that wholesale costs rose more than expected last month. The Dow Jones Industrial Average hugged the flatline down just 5 points with minutes to go. The S&P 500 is modestly higher into the close while the Nasdaq Composite got a boost into the close as rumors of the government eyeing an investment into Intel floated around the trading floors.

Interest rates are rising as wholesale prices rose 0.9% on the month, much more than the 0.2% economists polled by Dow Jones were expecting. The index had come in flat in June. Wholesale prices can be a leading indicator for consumer prices. The 2-year Treasury yield

 climbed 5 basis points to 3.73%. The benchmark 10-year note yield added 5 basis points to 4.29%.

On the earnings front we had Deere, AAP, Cisco, Dillards and First Majestic Silver report. Deere is a dog down 6% on growing concerns of tariffs and rising costs. Cisco Systems is down a percent as growth as stalled. Big cap tech is quiet today as Amazon is the only big winner.

Amazon is jumping 3% as they want to add groceries to its growing list of products for delivery. Amazon, the owner of Whole Foods Market chain, is beginning same-day fresh grocery deliveries in more than 1,000 cities and towns nationwide, and plans to expand the service to over 2,300 by year’s end.

Investors came into the session riding high, with the S&P 500 and Nasdaq posting fresh record highs in the previous session. The benchmarks got a jolt earlier this week after the release of a cooler-than-expected consumer price inflation report for July.

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