Wall Street Cheers Cooling Inflation, S&P Hits Record High
What Happened
US stocks opened firmly higher, with the S&P 500 rising 0.6% to a record high and the Nasdaq gaining 0.8%. Markets cheered softer-than-expected producer inflation data, as July PPI came in flat against forecasts of a 0.2% rise.
Key Takeaways
US stocks started strong, with the S&P 500 up about 0.6% to a record high and the Nasdaq gaining 0.8%, after July's producer inflation came in at 0.0% versus 0.2% expected. Softer inflation and lower oil prices boosted hopes of a supportive environment for equities, especially tech stocks.