Key facts
- U.S. stock indexes opened higher on Thursday.
- July Producer Price Index (PPI) data came in softer than expected.
- The July PPI registered at 4.7%.
- Softer inflation data strengthened bets the Federal Reserve will hold interest rates steady.
- Upbeat earnings from AI infrastructure firms boosted technology stocks.
- Oil prices dipped below $90.
- Concerns over demand and inventory gains contributed to falling oil prices.
- Global stocks and the euro edged higher.
- The euro edged higher as softer U.S. inflation data reinforced expectations of the Federal Reserve holding interest rates steady.
U.S. stock indexes opened higher on Thursday, as investors considered falling oil prices and producer price inflation data that came in softer than expected. The July Producer Price Index (PPI) registered at 4.7%, a figure below market expectations. This softer inflation reading reinforced expectations that the Federal Reserve will maintain its current interest rate levels. In addition to the inflation data, upbeat earnings reports from artificial intelligence infrastructure firms provided a boost to technology stocks. Meanwhile, oil prices experienced a decline, dipping below the $90 per barrel mark. This decrease in oil prices was attributed to concerns regarding demand and recent inventory gains.