The intraday dynamics of the major stock indices: the Dow Jones -0.02%, the S&P 500 +0.03%, the Nasdaq -0.01%. Intel shares are climbing on news of a possible government stock purchase. Producer inflation in July rose more than expected. Markets are scaling back expectations for a Fed rate cut in 2025. The Nikkei resumed gains as GDP beat forecasts. Deere and Tapestry signaled tensions related to US tariffs.
On Thursday, the US stock market showed mixed performance: the S&P 500 closed at a new record high, while the Dow Jones and Nasdaq were virtually unchanged. Investors reacted to fresh producer price data, which came in above forecasts and reduced the likelihood of an imminent interest rate cut.
Inflation picking up
According to the US Department of Labor, producer prices in July posted their fastest annual growth in three years. This was driven by a sharp increase in the cost of goods and services, potentially signaling further inflationary pressure.
Market close:
The Dow Jones Industrial Average: down 11.01 points, or 0.02%, to 44,911.26;
The S&P 500: up 1.96 points, or 0.03%, to 6,468.54 — a new all-time closing high;
The Nasdaq Composite: down 2.47 points, or 0.01%, to 21,710.67.
Pressure on the stock market
Seven of the eleven S&P 500 sectors ended Thursday lower. Recent data showing a weak labor market and moderate consumer price growth had strengthened expectations that the Federal Reserve might cut rates as soon as next month. However, the latest producer price figures reminded investors that US import tariffs could soon begin affecting goods prices and restraining stock market growth — the same rally that pushed the S&P 500 and Nasdaq to record highs in the previous two days.
Intel in focus
Intel Corp. shares jumped 7.4% after Bloomberg reported that the Donald Trump administration is considering purchasing a stake in the company. According to sources familiar with the matter, talks between the US government and the chipmaker could lead to state ownership in the tech giant.
Cisco offers no surprises
Cisco Systems shares fell 1.6%. Despite reporting quarterly results largely in line with analyst expectations, the company failed to spark notable investor reaction.
Deere and Tapestry disappoint
Deere & Co. shares dropped 6.8% after reporting lower quarterly profit and tightening its full-year guidance. Tapestry shares fell even more sharply — down 15.7% — after the Coach brand owner said it expects annual earnings below market forecasts.
New highs and light trading volume
During the session, the S&P 500 recorded 15 new 52-week highs and one low. The Nasdaq Composite posted 78 new highs and an equal number of lows. Trading volume on US exchanges was below average, with 16.3 billion shares traded versus the 20-day average of 18.3 billion.
Asia reacts to US data
Asian stock markets closed mixed as investors assessed the next moves of global central banks following the unexpected jump in the US producer price index, which reignited inflation fears.
The MSCI Asia-Pacific ex-Japan index fell 0.2% after the US Bureau of Labor Statistics reported that the producer price index rose 0.9% month-over-month in July — significantly above analysts' expectations.
Repricing Fed expectations The strong producer price data cooled market hopes for a swift September rate cut by the Federal Reserve, as overly loose policy could further fuel inflationary pressure.
Dollar and Nikkei diverge Following the release of US data, the dollar index — which measures the greenback against a basket of major currencies — recovered some ground but still ended 0.2% lower at 98.026. In Japan, the Nikkei 225 gained 1.6%, approaching a new all-time high.
The rise came after Wednesday's steepest drop since April, which ended a six-day rally. Fresh data showed Japan's economy grew 1.0% year-over-year in Q2, beating forecasts. In currency markets, the dollar fell 0.5% against the yen to 147.09.
Mixed regional moves: Australia's S&P/ASX 200 rose 0.7%, while Hong Kong's Hang Seng fell 1.1%. The CSI 300 in mainland China gained 0.8% after weak July retail sales and industrial output data fueled speculation of upcoming stimulus measures. Indian and South Korean markets were closed for national holidays.
Crypto market stabilizes
After a sharp pullback from Thursday's new Bitcoin all-time high of $124,480.82, digital assets managed to stabilize. The key psychological level was not broken, but by late trading Bitcoin was up 0.8% and Ether gained 1.7%.
Oil edges lower ahead of leaders' meeting
On commodity markets, Brent crude prices slipped 0.3% to $66.63 a barrel. Investors are awaiting the upcoming meeting between U.S. President Donald Trump and Russian President Vladimir Putin, set to take place in Alaska.
Gold fluctuates on rate expectations
Gold prices eased slightly as traders assessed real interest rate trends, which typically move inversely to the precious metal's price. Spot gold rose 0.3% to $3,343.94 per ounce.
Europe opens on a positive note
At the start of European trading, pan-European futures were up 0.5%, with German DAX and UK FTSE futures also gaining 0.5%.
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