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Stocks inch higher as oil falls amid Iran talks and mild inflation
U.S. consumer prices rose 0.1% in July, reinforcing a view that the Fed may be less likely to hike next month.
Global equities rose on Wednesday as oil prices dipped while investors watched U.S.-Iran talks to end the Iran war. Reuters reported that the talks were deadlocked, and separate ship attacks involving the U.S. and Yemen's Iran-aligned Houthis were also in focus.
U.S. inflation data showed consumer prices increased 0.1% in July, matching expectations, which tempered some expectations for a Federal Reserve rate hike. Money markets indicated about a 50% chance of a hike heading into the data release, and the report said the number could weaken the case for higher rates driven by energy-fueled inflation.
On Wall Street, the Dow Jones Industrial Average rose 0.10% to 53,848.98, the S&P 500 gained 0.31% to 7,752.35, and the Nasdaq Composite traded up 0.65% at 26,617.60. Reuters said upbeat results from AI cloud company CoreWeave after the prior session helped keep momentum in the AI trade.
Outside the U.S., Europe was slightly lower with the STOXX 600 down 0.04% and the FTSEurofirst 300 index off 0.09%. In Asia, MSCI's broadest Asia-Pacific shares ex-Japan index closed up 0.92% at 1,636.51, as markets continued to track developments tied to the Strait of Hormuz and shipping traffic.
Latest closeS&P 500 7,728.20 ▼0.3%|Nasdaq Comp. 26,445.45 ▼0.6%|Dow Jones 53,791.85 ▼0.3%