- US stocks rose Thursday with gains in S&P 500, Nasdaq, and Dow Jones Industrial Average
- Dow increased by 126.65 points to 53,896.92, a 0.24% rise
- S&P 500 climbed 22.82 points to reach 7,771.32, up 0.29%
US stocks moved higher on Thursday, with the S&P 500, Nasdaq Composite and Dow Jones Industrial Average gaining as falling oil prices and softer-than-expected producer inflation offered some relief to investors worried about the path of U.S. interest rates.
The S&P 500 rose 0.5%, while the Nasdaq Composite advanced 0.6%, helped by gains in Meta Platforms, Microsoft and Netflix. The Dow Jones Industrial Average added 132 points, or 0.3%.
Real-time market data showed the Dow up 126.65 points, or 0.24%, at 53,896.92. The S&P 500 gained 22.82 points, or 0.29%, to 7,771.32, while the Nasdaq was up 74.63 points, or 0.28%, at 26,663.12.
ALSO READ: 'Buy The Rumour...': Where Analysts See Gold, Silver Prices Moving After Soft US Inflation
Brent crude futures fell 2% to $86.98 a barrel, while West Texas Intermediate futures declined 2% to $81.14. Traders were weighing weaker oil demand amid the ongoing U.S.-Iran war, according to the source copy.
Lower crude prices offered another potential tailwind for markets by easing concerns over a renewed inflationary push.
Wall Street also digested fresh U.S. inflation data. The July producer price index was unchanged from the previous month, against economists' expectation for a 0.2% increase, according to Dow Jones estimates.
Core PPI, which excludes volatile food and energy prices, rose 0.2%, below the 0.3% increase economists had expected.
The softer PPI reading came a day after July consumer price data showed CPI rising 0.1% month-on-month, in line with expectations. The subdued inflation readings have led traders to pare back expectations for a September rate hike.
ALSO READ: Sam Altman's Advice To Young Talent: Skip The Wall Street Hierarchy And Build With AI
Investors were also assessing a fresh batch of quarterly earnings. Cisco Systems emerged as a major laggard, with its shares falling 9% after its latest quarterly results failed to impress investors. Cerebras dropped 13%, while Coherent declined 3% following their respective earnings updates.
The combination of easing inflation pressures, lower oil prices and mixed corporate earnings kept investors focused on the Federal Reserve's next policy move and the durability of the recent market rally.
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.
