US stocks jump as consumers remain strong despite inflation pressure

• US stocks jumped Thursday as consumers remained strong despite inflationary pressures.
• Retail sales in August climbed 0.6% from the prior month, well above estimates for a 0.1% uptick.

US stocks rose Thursday morning as investors weighed strength in retail sales against a hotter-than-expected inflation report.

Retail sales in August climbed 0.6% from the prior month, well above estimates for a 0.1% uptick. Excluding autos, sales were up 0.6%, topping forecasts for a 0.4% gain.

Meanwhile, the producer price index increased 0.7% in August, ahead of expectations for a 0.4% rise. Though this marks the largest gain in more than a year, core PPI was in line with estimates, rising 0.2%. That followed Wednesday's consumer price index report, which also came in hot.

Both reports add pressure on the Federal Reserve keep interest rates higher for longer, and just over 35% of investors see the chance of a 25-basis-point hike in November.

Here's where US indexes stood at the 9:30 a.m. opening bell on Thursday:

• S&P 500: 4,488.85, up 0.48%

• Dow Jones Industrial Average: 34,739.86, up 0.48% (164.33 points)

• Nasdaq Composite: 13,869.41, up 0.40%

Here's what else is going on today:

• US office vacancy rates have eclipsed 2008 highs, deepening the commercial-property crisis.
• Warren Buffett's Berkshire Hathaway unloaded $158 million in HP stock, but still holds a 11.7% stake.
• Tesla could reach a $4 trillion valuation, according to billionaire investor Ron Baron.
• Investors should "buckle up" ahead of a fourth-quarter recession, notorious bear John Hussman said.

In commodities, bonds, and crypto:

• West Texas Intermediate crude oil gained 0.71% at $89.22 a barrel. Brent, the international benchmark, rose 1.39% to $93.23 a barrel.
• Gold stayed essentially flat at $1,909.88 per ounce.
• The yield on the 10-year Treasury bond climbed 1.2 basis points to 4.262%.
• Bitcoin edged up 1.1% to $26,423.