Wall Street surges as oil prices and wholesale inflation ease, tech stocks advance | Stock Market News

US stocks climbed toward record levels on Thursday as easing oil prices and softer-than-expected wholesale inflation strengthened expectations that the Federal Reserve may avoid raising interest rates next month.

At 10:09 a.m. ET, the Dow Jones Industrial Average rose 190.02 points, or 0.36%, to 53,960.29, the S&P 500 gained 56.52 points, or 0.73%, to 7,805.02 and the Nasdaq Composite gained 244.05 points, or 0.92%, to 26,832.54.

At the opening bell, the Dow Jones Industrial Average rose 58.3 points, or 0.11%, to 53828.55. The S&P 500 rose 14.7 points, or 0.19%, to 7763.18​, while the Nasdaq Composite rose 42.9 points, or 0.16%, to 26631.341.

The latest Producer Price Index (PPI) data showed that wholesale inflation increased 4.7% in July from a year earlier, slowing from a 5.5% annual rise in June and coming in below economists' expectations. On a monthly basis, the PPI was unchanged in July, suggesting that inflationary pressures across the wholesale economy were not accelerating broadly.

The moderation in inflation came as energy and food costs continued to decline, providing further relief to investors concerned about the outlook for consumer prices and monetary policy.

Oil prices also moved lower after recording gains in six consecutive sessions. Investors weighed expectations for weaker global demand this year against signs of rising US crude inventories. Brent crude futures fell 2.7% to around $86.50 a barrel.

Geopolitical uncertainty remained a concern. Iran and the United States continue to disagree over efforts to reach a permanent agreement to end the conflict in the Middle East, according to a senior Iranian source. Meanwhile, shipping activity through the strategically important Strait of Hormuz remained significantly restricted.

The decline in inflation and oil prices also supported the bond market. The yield on the benchmark 10-year US Treasury note fell to 4.61%, compared with 4.68% at Wednesday's close.

Technology stocks advanced broadly during Thursday's session. Microsoft shares gained 1.4%, while Nvidia rose 0.6% and Apple added 0.5%.

Shares of computer manufacturers Dell Technologies and HP climbed 2.5% and 4%, respectively, after Chinese PC maker Lenovo reported better-than-expected earnings.

Cisco Systems was among the notable decliners, with its shares falling 7.4%. The networking equipment company projected fiscal 2027 revenue above Wall Street expectations, but investors appeared disappointed by other aspects of the company's outlook.

Tapestry shares plunged 15% despite the owner of the Coach brand issuing a positive annual earnings forecast.

Elsewhere, AvalonBay Communities, which owns and operates apartment properties across the US, gained 2.6%.

Builders FirstSource, a supplier of countertops and other construction materials, advanced 3.4%.

The combination of easing wholesale inflation, falling Treasury yields and softer oil prices provided a favorable backdrop for equities, while investors continued to monitor geopolitical developments and incoming economic data for clues about the Fed's next policy move.

Gold pared losses on Thursday after falling nearly 1% earlier in the session, as the US PPI data matched expectations.

By 09:26 a.m EDT (1326 GMT), spot gold fell 0.5% to $4,386.69 per ounce. US gold futures dipped 0.5% to $4,444.00.

Among other metals, spot silver slid 0.3% to $65.11 per ounce, platinum dropped 1.7% to $1,727.04, and palladium slipped 3.6% to $1,320.63.

With a distinguished career spanning nearly two decades at the highest levels of financial journalism, Rajendra Kumar Saxena stands as a cornerstone of the editorial leadership team at Livemint.com. In his current capacity as Content Editor, he is responsible for managing the comprehensive editorial lifecycle of the publication. His role is multifaceted, encompassing the strategic selection of high-impact stories, original reporting, and meticulous editing. <br> Furthermore, Rajendra is instrumental in executing a sophisticated Search Engine Optimization (SEO)-driven content strategy, ensuring that the platform's digital content reaches a global audience while maintaining the highest standards of journalistic integrity and accuracy prior to publication. <br> Rajendra’s professional journey is characterized by a profound expertise in a wide array of critical sectors. His analytical depth covers global economics, commodities, and stock market dynamics (across both Indian and United States landscapes). <br> Beyond the financial markets, he possesses a keen understanding of political affairs, banking and finance, foreign affairs, and the rapidly evolving technology sector. <br> His eighteen years journey in financial and business journalism includes a significant tenure at Financialexpress.com and freelance contributions to The Hindu. <br> Currently based in Delhi, Rajendra holds a Master of Journalism degree from the prestigious Makhanlal Chaturvedi National University of Journalism and Communication (MCNUJC). His blend of academic rigor and decades of on-the-ground experience makes him a leading voice in navigating the complexities of today’s financial world.

Catch all the Business News , Market News , Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.