Stock futures slipped on Thursday after a new inflation report showed that wholesale costs rose more than expected last month. S&P 500 futures slipped 0.4%, while Nasdaq 100 futures lost 0.5%. Futures tied to the Dow Jones Industrial Average shed 173 points, or 0.4%. The S&P 500 and Nasdaq reached fresh intraday and closing record highs on Wednesday, rising 0.3% and 0.1%, respectively. The benchmarks got a jolt this week after the release of a cooler-than-expected consumer price inflation report for July. That report stoked hopes among investors for a rate cut from the Federal Reserve at the end of its September policy meeting. However, investors were left feeling disappointed after July’s producer price index reading indicated that such a rate cut is far from guaranteed. 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. Some traders were looking past this PPI number because the report showed the increase was driven by a large gain in “portfolio management,” along with airfares. Without those factors the figures would have been much closer to estimates. Despite the higher inflation number, fed funds futures were pricing in about 93% odds of a rate cut in September, only slightly lower from the day prior, according to the CME’s FedWatch tool. The futures, however, did remove any chance of a half-point cut. Tech shares like AMD and Nvidia that have led the bull market turned lower in premarket trading following the hot inflation numbers. JPMorgan and Wells Fargo shares were also lower with the threat of higher prices hitting consumer’s wallets and lending activity. Shares of Cisco fell 2% on the heels of the major tech company’s fourth-quarter results narrowly beating expectations. The company’s outlook was about in in line with expectations. Deere shares lost 6% on mixed full-year guidance. The 2-year Treasury note yield ticked higher Thursday after new U.S. data pointed to persistent wholesale inflation. The short-term yield climbed 1 basis point to 3.693%. The benchmark 10-year note yield remained about 1 basis point lower at 4.233%. Asia-Pacific markets mostly closed lower Thursday. Hong Kong’s Hang Seng Index dropped by 0.37% to close at 25,519.32, while mainland China’s CSI 300 index was flat at 4,173.31. Meanwhile, South Korea’s Kospi index closed flat at 3,225.66, while the small-cap Kosdaq ticked up 0.14% to 815.26. Australia’s S&P/ASX 200 benchmark advanced 0.53% to 8,8738.80, after hitting an intra-day high earlier in the session. Japan’s Nikkei 225 benchmark declined by 1.45% to end the day at 42,649.26, while the broader Topix index lost 1.1% to 3,057.95. Oil prices climbed on Thursday as investors weighed what impact the U.S.-Russia summit on Ukraine on Friday might have on Russian crude flows, with secondary sanctions looming over Moscow’s customers, while a rising supply outlook capped gains. Brent crude futures rose 45 cents, or 0.7%, to $66.08 a barrel at 0631 GMT, while U.S. West Texas Intermediate crude futures gained 44 cents, also up 0.7%, to $63.09. Both contracts hit their lowest in two months on Wednesday after bearish supply guidance from the U.S. government and the International Energy Agency (IEA). Gold prices edged down on Thursday due to a slight uptick in the U.S. dollar index, although expectations of a Federal Reserve interest rate cut in September limited losses. Spot gold fell 0.3% to $3,346.19 per ounce. U.S. gold futures for December delivery were down 0.4% to $3,393.80. The dollar rose 0.04% from an over two-week low against its rivals, making gold more expensive for holders of other currencies.