Stocks surged as investors were encouraged by cooler producer inflation. The Dow rose 400 points and the Nasdaq surged 2.4% ahead of CPI data.
Inflation likely stayed low last month as Federal Reserve edges closer to cutting rates
If the Federal Reserve needs any further evidence that the worst price spike in four decades is steadily easing, it's likely to come Wednesday, when the government is expected to report that inflation cooled further last month. Consumer prices are thought to have risen just 0.2% from June to July, according to economists surveyed by FactSet, a pace only slightly above the Fed’s 2% annual inflation target. Excluding volatile food and energy costs, so-called core prices are also expected to have risen 0.2% from June and 3.2% from 12 months earlier, just below the 3.3% annual increase in June.
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Investors are missing gains by passing on the market's least-loved stocks, investing legend Rob Arnott says
Stocks that are taken off benchmark indexes often outperform the market by 5% a year, Rob Arnott reported in a note.
Cathay Pacific World’s Most-Shorted Airline Stock on Profit Woes
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Dollar sags after benign US inflation data; kiwi skids on rate cut
TOKYO (Reuters) -The dollar remained on the back foot on Wednesday after tumbling versus major peers overnight as a benign reading for U.S. producer prices reinforced bets on Federal Reserve interest rate cuts this year. New Zealand's dollar dropped sharply from a four-week high after the Reserve Bank of New Zealand reduced the key cash rate and flagged more cuts to come, surprising some market participants. Japanese Prime Minister Fumio Kishida's decision to not run for reelection in his party's leadership race next month had little effect on markets, analysts said.
Oil Rises After Industry Report Points to US Stockpile Drawdown
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