The Globe and Mail reports in its Friday edition that U.S. stocks dropped on Thursday, with chipmakers extending losses for a second day, as a jump in producer prices left investors wondering if the Federal Reserve might wait longer than expected to cut interest rates. A Reuters dispatch to The Globe says that the Toronto Stock Exchange came along for the ride, with interest-rate-sensitive stocks taking a hit as bond yields rose following the U.S. data. The Producer Price Index rose 0.6 per cent in February, exceeding forecasts of 0.3 per cent and the previous month's increase. This follows Tuesday's strong increase in the Consumer Price Index for February. The Fed is expected to leave rates unchanged at its policy meeting next week. The market has trimmed the odds of a cut of at least 25 basis points at its June meeting to 62.9 per cent, CME's FedWatch Tool showed, down from 81.7 per cent a week ago. The S&P/TSX composite ended down 140.26 at 21,829.85, a day after posting its highest closing level since April, 2022. Interest-rate-sensitive utilities fell 0.9 per cent. Financials lost 0.8 per cent. Energy rose 0.9 per cent as the price of oil settled up 1.7 per cent at $85.42 (U.S.) a barrel, a four-month high.