Update: US Equity Indexes Rise After Wholsale Inflation Rate Rises Slower Than Forecast

MT Newswires Live00:21

(Updates with new information from the first paragraph.)

US equity indexes rose amid a broad-based rally after core producer price inflation, which excludes the more volatile food and energy prices, grew less than forecast in May.

The Dow Jones Industrial Average rose 0.7% to 50,276.7, followed by a 0.5% gain in the Nasdaq Composite to 25,317.2 and a 0.4% increase in the S&P 500 to 7,295.3 in midday trading on Thursday.

All sectors except communication services, financials, and real estate advanced. Industrials and materials led the gainers.

Core producer price index, which excludes the more volatile food and energy prices, increased by 0.4% in May, slower than the 0.5% gain expected in a Bloomberg-compiled poll and following a 0.7% gain in April. Core PPI remained at 4.9% year-over-year but below the 5.4% consensus.

Meanwhile, crude oil prices rose, with front-month global benchmark North Sea Brent crude up 0.4% to $93.45 per barrel and US West Texas Intermediate crude higher by 0.9% to $90.82 per barrel.

The US will hit Iran with an attack "VERY HARD TONIGHT," and it will take control of the Kharg Island sometime in the "not too distant future," President Donald Trump said Thursday on a Truth Social post. The island is, reportedly, the gateway for a vast majority of Iran's crude oil exports. Iran's Foreign Ministry has condemned the recent US strikes on the country, saying that it has rendered the ceasefire "practically meaningless," the Associated Press reported Thursday.

BlackRock placed $5 billion order to buy SpaceX (SPCX) shares, The Wall Street Journal reported. The company is expected to go public on Friday.

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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