Updated at 4:25 p.m. EDT
US stocks ended mixed after giving up initial gains as investors digested new inflation data.
The S&P 500 fell 2.90, or 0.01%, to 4,207.34. The Dow Industrials ended up 27.62, or 0.01%, at 33,337.13. The Nasdaq composite fell 74.89, or 0.6%, to 12,779.91.
Updated at 12:20 p.m. EST
U.S. stocks rose again on Thursday, with the dollar suffering its biggest one-day drop in five months, as investors sought to reset Federal Reserve rate expectations after July’s inflation reading was weaker than scheduled for yesterday.
Equities were also boosted by lower factory gate inflation, which contracted 0.5% on the month and slowed to 9.8% from a year ago, well in below the street’s forecast of 10.2%.
That data, however, was clouded by another jump in weekly jobless claims, which rose by 2,000 to 262,000 in the period ending August 6, the highest since November last year.
Falling gasoline prices helped produce a stable month-on-month CPI in July, while the annual inflation rate slowed to 8.5%, according to Bureau of Labor Statistics data. , with economists now predicting a series of slower readings through the fall. month.
Easing consumer price pressures sparked a strong rally on Wall Street, with the tech-focused Nasdaq rising 2.9% to help it gain 20% from its mid-June lows.
Rate bets have also been tempered, with CME Group’s FedWatch now suggesting a 37.5% chance of another 75 basis point hike in September, down from around 66.5% before the inflation release. .
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Fed officials were more muted, with Minneapolis Federal Reserve Chairman Neel Kashkari telling the Aspen Ideas conference in Colorado that the central bank is “far, far away from declaring victory,” and still sees the need for a federal funds rate approaching 4% by the end of the year.
Broader markets, however, are resetting to a less aggressive approach: The dollar index, which tracks the greenback against a basket of six global currencies, fell the most in five months yesterday and was down another 0 .17% in overnight trade at 105.024.
Trading in US Treasury bonds was essentially silent overnight amid a Japanese holiday, but yesterday’s $35 billion 10-year note auction saw the best domestic demand and overseas in five months, as investors bought into longer-dated paper amid waning inflation fears.
At the start of trading in New York, 10-year notes were pegged at 2.848% while 2-year notes were trading at 3.204%.
In overseas markets on Thursday, European stocks were only marginally higher, with the Stoxx 600 closing up 0.06% in Frankfurt as investors headed out for the traditional August holiday after CPI data dated ‘yesterday. With the Nikkei 225 close in Tokyo, Asian markets took advantage of last night’s rally on Wall Street to lift the region-wide MSCI ex-Japan index to a 1.7% gain on approach. the closing of markets.
On Wall Street, the S&P 500 was marked 16 points higher in the first hours of trading while the Dow Jones Industrial Average gained 160 points. The Nasdaq lost 3 points as Treasury yields rose slightly.
waltz disney (SAY) shares ended up just under 5% after the media and entertainment group blasted Street’s earnings forecast, unveiled new pricing structures for its direct-to-consumer platforms and overtook Netflix (NFLX) as the largest streaming service in the world.
Pfizer (DFP) Shares were also active, falling 3.3% on investor concerns over potential litigation related to the popular, but now discontinued, heartburn treatment known as Zantac.
In other markets, average gasoline prices fell below $4 a gallon nationwide last night, according to data from the AAA auto club, pushing pump costs to the lowest levels since early March.
WTI crude futures for September delivery, the contract most closely tied to U.S. gas prices, hit $94.26 a barrel, down about 33% from highs reached immediately after the Russian invasion of Ukraine earlier this year.
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