Dow Jones and Nasdaq rose more than 400 points at the close, as the slowdown in PPI growth strengthens expectations of interest rate cuts
The US stock market rose, with the Dow Jones Industrial Average and the Nasdaq Composite Index both up more than 400 points. The US July Producer Price Index (PPI) for final demand rose by 0.1%, up 2.2% year-on-year, lower than market expectations. This data strengthens the market's expectation of a rate cut by the Federal Reserve in September. Large-cap tech stocks performed strongly, with Nvidia rising by over 6%, while Apple, Meta, and Tesla rose by nearly 2% to over 5%. Starbucks' stock price surged by nearly 25%, marking the largest single-day gain on record
U.S. stocks rose by 1% to over 2%, with the U.S. July final demand producer price index (PPI) rising by 0.1% monthly and 2.2% annually, both lower than market expectations. The data strengthened the market's expectations of a Fed rate cut in September.
The Dow Jones Industrial Average closed at 39,765 points, up by 408 points, a 1.04% increase.
The Nasdaq index rose above 17,000 points driven by several large tech stocks, closing at 17,187 points, up by 407 points, a 2.43% increase.
The S&P 500 index closed at 5,434 points, up by 90 points, a 1.68% increase.
Major tech stocks performed well, with Nvidia rising by over 6%, and Apple, Meta, and Tesla rising by nearly 2% to over 5%.
Starbucks surged by nearly 25%, marking its largest single-day gain ever. It was the best-performing stock in the S&P 500 index, as the market anticipates improved business performance under the new appointed chairman
