S&P 500 closes lower, but posts third straight weekly gain: Live updates

U.S. inflation continues to be more stubborn than the mild Consumer Price Index (CPI) reading from July suggests. Despite a series of positive inflation reports from the previous days, the Federal Reserve's interest rate hike next month appears less likely. The two-year Treasury yield has dropped back to 4.14%, reflecting the lower odds of tighter monetary policy.

The S&P 500 reached another record high, adding 0.55% on Thursday. Tether, the company behind the stablecoin USDT, recently completed its largest-ever financial audit, conducted by KPMG, which found that the company's financial statements accurately represented its assets and operations. Bitcoin is currently trading near $63,000 and sliding lower, with the 30-day price range at a narrow 5.6% range, one of the tightest on record.

Bitcoin analyst James Check remarked that such quiet market conditions are historically seen in late-stage bear markets and early bull markets. Meanwhile, major U.S. stocks continue to be the focus, with the S&P 500 notching yet another record high.