Stocks Rally on the Favorable US PPI Report
The S&P 500 Index and the Dow Jones Industrial Average both rose slightly on Thursday, while the Nasdaq 100 Index had a more significant gain. The rise in stocks was attributed to favorable reports on the Personal Productivity Index (PPI) and the Consumer Price Index (CPI). The PPI report showed a decline in yield, and the CPI report indicated a drop in expectations for a Federal Reserve rate hike.
US tech stocks benefitted from positive sentiment stemming from overseas markets, particularly South Korea and Japan. However, Cisco Systems and Cerebras Systems saw declines due to disappointing guidance. The 10-year Treasury yield decreased, and investors are optimistic about strong Q2 earnings growth, especially in AI-related sectors.
Written by urgent.news from Yahoo Finance's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
