The focus is now turning to a data point due out later today which tracks growth in U.S. producer prices, as markets remain wary of any indications that Trump’s tariffs could be re-fueling inflationary pressures.

Economists anticipated that the producer price index for final demand edged up by 0.2% month-over-month in May, after it fell by 0.5% in the prior month. In the twelve months to May, the measure is seen speeding up to 2.6% from 2.4%.

In April, wholesale services prices slipped by 0.7% -- the biggest fall since the government first began to monitor the numbers in December 2009. Prices for hotel and motel rooms decreased in particular, reflecting a retreat in tourist travel which analysts noted was potentially sparked by a backlash to Trump’s policies since returning to office.

Crucially, accommodations, airline fares, and portfolio management fees make up some of the components that factor into an inflation gauge preferred by Federal Reserve interest-rate setters.

On Wednesday, a separate Labor Department data set showed that consumer prices increased at a cooler-than-projected pace in May, thanks in large part to cheaper gasoline prices counterbalancing an uptick in rent costs.