Stocks edge up with oil price below $90, dollar at 2-week high, Iran in focus
On Thursday, global equities experienced a slight increase as investors reduced their expectations of a U.S. interest rate hike. Oil prices dipped by more than 2 percent due to higher inventories and lower global demand forecasts, overshadowing geopolitical concerns. The U.S. producer price data for July remained unchanged, dampening hopes for a Federal Reserve rate increase next month.
Tech stocks, bolstered by favorable economic indicators, drove the S&P 500 to an intraday record high. Following Wednesday's consumer price report, which indicated a 3.4 percent year-over-year increase in U.S. prices, traders adjusted their outlook, now expecting a 65 percent probability of the Fed maintaining interest rates steady next month, compared to 50 percent on the previous day.
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