WTI Crude, Gold, HSI, Dow, S&P 500 and Nasdaq
Stocks rose Wednesday after new data raised hope that the Federal Reserve can bring down inflation without pushing the U.S. economy into a recession. The S&P 500 reached a new high for 2023.
The consumer price index rose 3% on a year-over-year in June. Economists polled by Dow Jones expected a 3.1% increase. Month over month, the index rose 0.2% last month, also less than forecast. On top of that, core CPI — which strips out volatile food and energy prices — rose less than expected.
E-Mini Nasdaq
The Nasdaq Composite popped 1.15% to 13,918.96.
June data for the producer price index — another well-watched gauge of inflation — is due Thursday before the bell.
Both price indexes are being watched for tea leaves on the path of inflation, which investors see as potential harbingers for how the central bank will move interest rates going forward. The market is pricing in an approximately 92% chance the Fed raises interest rates at the July meeting, according to CME’s FedWatch Tool.
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