S&P 500 Hits Record on Soft PPI; Dow Climbs
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- S&P 500 closed at a new record high, buoyed by cooler inflation data, according to Investing.com and a second source flagging the new closing peak
- Dow climbed in the session as wholesale inflation (PPI) was reported unchanged for July, per the WSJ live updates
- Oil prices dropped during the session, contributing to the record-setting move in US equities, per AP News
- Wall Street futures were steady in the next session after the S&P 500's record close, suggesting the rally held overnight, per Investing.com
- US stocks rose broadly to records as inflation readings came in less bad than feared, with the WSJ headline noting wholesale prices were unchanged rather than accelerating
Why it matters: A flat July PPI reading alongside falling oil simultaneously removes the two inflation pressures most likely to delay Fed rate cuts, and the S&P 500's record close shows investors are already pricing in that relief rather than waiting for confirmation.
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