US stocks trade mixed as an uptick in wholesale inflation keeps pressure on the Fed to stay aggressive

• US stocks opened mixed Wednesday following another hot wholesale inflation report.
• The September producer price index gained 8.5% year-over-year last month.

US stocks opened mixed Wednesday following data that showed wholesale inflation remained high in September.

The producer price index increased 8.5% year-over-year last month, slightly higher than expectations of ranging from 8.1% to 8.4%. The reading is a decrease from August's 8.7% increase, but will likely still keep pressure on the central bank to continue to tighten monetary policy. On a monthly basis, producer prices rose 0.4%, double expectations.

The wholesale inflation data sets the stage for the consumer price index report due out Thursday morning, with investors closely eyeing the path of future rate hikes from the Federal Reserve. Elsewhere, the Bank of England sent 30-year gilts surging after confirming an end to emergency bond purchases this week.

Here's where US indexes stood shortly after the 9:30 a.m. opening bell on Wednesday:

• S&P 500: 3,575.11, down 0.38%

• Dow Jones Industrial Average: 29,271.29, up 0.11% (32.10 points)

• Nasdaq Composite: 10,450.05, up 0.23%

Here's what else is happening today:

• Ray Dalio forecasts more volatility for Wall Street and cited growing debt, too much cash, and the war in Ukraine as worrying.
• Mohamed-El-Erian says the Fed is running the risk of "overdoing" it with monetary tightening in order to combat inflation.
• A recession and ensuing demand destruction could send oil below $60 per barrel, according to RBC Capital Markets.

In commodities, bonds, and crypto:

• Oil was lower with West Texas Intermediate crude slipping 1.26% to $88.22 per barrel. International benchmark Brent crude fell 1.14% to $93.27.
• Gold climbed 0.28% to $1,669.34.
• The 10-year Treasury yield gained 1 basis point to 3.949%.
• Bitcoin fell 0.24% to $19,075.64.