U.S. stock futures are mixed after a narrowly mixed close as investors trimmed expectations for a Federal Reserve rate cut on the heels of a hotter-than-expected inflation report.

The producer price index, which measures wholesale prices, rose 0.9% in July from June, when it was unchanged. That was above the 0.2% economists polled by Dow Jones had expected and the largest monthly gain since June 2022. The jump was partly because of tariffs, economists said, and makes a September rate cute more uncertain.

Before the market opens, investors will see July retail sales for clues as to whether consumer spending is slowing.

At 6:20 a.m. ET, futures tied to the blue-chip Dow rose 0.59%, while S&P 500 futures added 0.03% and tech-heavy Nasdaq futures fell -0.19%.

Berkshire Hathaway took a new stake in the company. Berkshire bought more than 5 million shares in the health care firm for a stake worth about $1.6 billion at the end of June.

The Trump administation is discussing taking as much as an 8.9% stake in chipmaker Intel.

Circle Internet Group priced its 10 million share offering at $130 per share. The company is selling 2 million of those shares.

Applied Materials beat third-quarter estimates but current quarter guidance missed Street views.

Medora Lee is a money, markets, and personal finance reporter at USA TODAY. You can reach her at mjlee@usatoday.com and  subscribe to our free Daily Money newsletter for personal finance tips and business news every Monday through Friday morning. 

This article originally appeared on USA TODAY: US stock futures mixed after narrowly mixed close