July producer prices remained flat month-over-month, easing inflation concerns and lifting equities to new highs.
The S&P 500 closed at a record high Thursday after July producer price index data showed wholesale inflation unchanged from June. The index rose 0.1%, matching expectations and reinforcing signs of cooling price pressures.
The Dow added 0.1%, while broader markets extended gains for a third consecutive session. June’s PPI had risen 0.2%, and year-over-year comparisons showed a deceleration in inflation trends.
Investors viewed the data as supportive of a potential Federal Reserve rate cut in September, though no immediate market reaction was reported.