US Stocks Tick Toward Records as Oil Prices Drop and Inflation Gets Less Bad
The report eased inflation worries and pushed traders to price in a lower chance of another Federal Reserve rate hike, with a 37% September odds estimate.
- Stocks, including the Nasdaq Composite and The Russell, hit new all-time highs on Thursday after a fresh business inflation report suggested price pressures are broadly flat in July.
- Labor Statistics reported that the Producer Price Index remained unchanged from June to July, while falling to 4.7% annually, providing evidence that inflationary pressures are beginning to ease.
- Treasury yields tumbled, with the 10-year Treasury falling to 4.61%, its lowest level since last week, potentially offering relief to consumers facing 6.74% mortgage rates.
- Cleveland Federal Reserve President Beth Hammack reiterated her frequent call to raise rates, stating she wants to bring inflation back down to the 2% objective faster than current policy allows.
- Citigroup economist Veronica Clark projects Core PCE could ease to 3.2% in July, though she noted a risk it could stay at 3.3% if input costs continue pressuring consumer prices.
53 Articles
53 Articles
US stocks rise to a record as oil prices drop and inflation gets less bad - WXXV News 25
By STAN CHOE NEW YORK (AP) — The U.S. stock market rose to an all-time high Thursday following the latest sign that inflation is getting less bad. Stocks also got a lift from easing oil prices in their latest yo-yo move. The S&P 500 climbed 0.7% and topped its prior record set last week. The Dow Jones Industrial Average added 69 points, or 0.1%, and the Nasdaq composite gained 0.8%. Wall Street relaxed after a report showed prices at the U.S. …
Sydney Morning Herald
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Tech stocks power S&P 500 to record high as oil weakens
The Dow was hovering close to its record high, while the Nasdaq was around 1.5% below its own peak. (AFP pic)NEW YORK: The S&P 500 hit an intraday record high on Thursday, boosted by technology stocks, as a drop in crude prices lifted risk appetite and investors parsed a softer-than-expected producer price inflation reading.Brent crude futures retreated 2.2% after six consecutive sessions of gains as investors assessed prospects for weaker globa…
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