Nasdaq, S&P 500 hit new highs after improving inflation data
Positive figures indicate Fed's 1st rate cut likely to come in September
By Ovunc Kutlu
ISTANBUL (AA) - The Nasdaq and the S&P 500 hit new highs Thursday after improving inflation data that beat market estimates and showed a slowdown on both annual and monthly bases.
The S&P 500 rose four points, or 0.1%, to a new record of 5,638.53 shortly after opening bell at 9.30 a.m. EDT. The Nasdaq climbed to a new record of 18,671.07.
The Dow Jones industrial average, meanwhile, was up 40 points to 39,758.94.
The consumer price index (CPI), which measures changes in the prices of goods and services from a consumer's perspective, annually rose 3% in June, and came lower than market estimates of a 3.1% gain, while slowing down from a year-on-year increase of 3.3% recorded in May.
On a monthly basis, CPI showed a decline of 0.1% in June, and also came below the market expectation of a 0.1% increase, while it managed to post a slowdown from May when it showed no change, according to the Labor Department's Bureau of Labor Statistics figures released earlier.
The positive figures indicate that the US Federal Reserve's first rate cut is likely to come in September.
The VIX volatility index, also known as the fear index, fell 2.7% to 12.50. The 10-year US Treasury yield lost 2.2% to 4.185%.
The dollar index declined 0.6% to 104.42, while the euro rose 0.5% to $1.0884 against the greenback.
Precious metals were in positive territory, with gold rising 1.3% to $2,402 per ounce and silver increasing 1.9% to $31.40.
Oil prices were down around 0.1%, with global benchmark Brent crude at $85.03 and US benchmark West Texas Intermediate at $82.02.
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