US producer prices rose 4.7% year-over-year in July, below forecasts, while jobless claims exceeded estimates at 209K.
The S&P 500 climbed 0.65% to an intraday record, driven by softer-than-expected US producer price inflation and mixed labor data. July PPI rose 4.7% year-over-year, missing the 4.9% estimate, while initial jobless claims reached 209K, above the 202K forecast.
US 10-year Treasury yields fell 4.3 bps to 4.64% after a 30-year bond auction saw a high yield of 5.216%. WTI crude oil dropped $2.05 to $81.21, and gold declined $58 to $4,348. Mortgage rates edged lower to 6.67% from 6.69% last week.
Fed officials signaled caution, with Barkin noting uncertainty over policy restrictiveness and Hammack emphasizing the need for monetary restraint to curb inflation. The EUR outperformed in FX, while the CHF lagged.