US Markets
Home›US Markets›Indices›Stocks climb toward record levels as oil falls and who…
Stocks climb toward record levels as oil falls and wholesale inflation cools
The S&P 500 rose 0.7% and the 10-year Treasury yield slipped to 4.6% as July PPI was flat month over month.
Wall Street pushed higher toward record territory as easing oil prices and softer wholesale inflation strengthened expectations that the Federal Reserve may be able to skip another rate increase next month, according to LiveMint Markets. At 10:09 a.m. ET, the Dow Jones Industrial Average was up 190.0 points, or 0.4%, to 53,960.3, the S&P 500 rose 56.5 points, or 0.7%, to 7,805.0, and the Nasdaq Composite gained 244.1 points, or 0.9%, to 26,832.5.
The move came after Producer Price Index data showed wholesale inflation rose 4.7% in July from a year earlier, down from 5.5% in June and below economists' expectations. On a monthly basis, the PPI was unchanged in July, indicating inflation pressures were not broadly accelerating across the wholesale economy.
Oil prices also slid after a six-session run, with Brent crude futures down 2.7% to around $86.50 a barrel, as investors weighed weaker global demand expectations against signs of rising US crude inventories. Geopolitical uncertainty persisted, with Iran and the United States still disagreeing over efforts to reach a permanent agreement and shipping activity through the Strait of Hormuz remaining restricted.
The softer inflation and energy backdrop supported the bond market, with the yield on the benchmark 10-year US Treasury note falling to 4.61% from 4.68% at Wednesday's close. Tech stocks led, including gains in Microsoft, Nvidia, Apple, and computer makers Dell Technologies and HP, while Cisco Systems declined after projecting fiscal 2027 results.
Latest closeWTI crude $82.68 ▼0.6%|Brent $88.46 ▼0.5%|S&P 500 7,748.50 ▲0.3%