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A wave of bullish sentiment swept through Wall Street on Tuesday after lower-than-expected producer inflation data solidified expectations for Federal Reserve rate cuts, prompting speculators to increase bets on a more significant 50-basis-point move.
The Producer Price Index (PPI) edged higher by only 0.1% from the previous month, falling short of the anticipated 0.2% increase, and marked a 2.2% rise year-over-year, down from the previous 2.7% print.
Traders adjusted their bets on a September rate cut, now assigning a higher probability to a larger 50-basis-point cut at 55% compared to a 45% chance for a smaller 25-basis-point reduction.
The S&P 500 rose 1.1%, the Nasdaq climbed 1.8% and the Dow Jones gained 250 points or 0.6% by midday trading in New York.
Treasury yields fell across all maturities, with the rate-sensitive two-year yield declining by 6 basis points. The U.S. dollar index lost ground against other major currencies and fell 0.3% against the Japanese yen.
Commodities took a breather after Monday’s strong gains, driven by escalating geopolitical risks in the Middle East. Oil prices retreated by 1.8%, pulling energy stocks lower, while gold remained steady, hovering just under 1% below its record highs.
Bitcoin (CRYPTO: BTC) rose 0.6%, eyeing the second-straight session of gains.
Major Indices | Price | 1-day %chg |
Nasdaq 100 | 18,873.07 | 1.8% |
S&P 500 | 5,409.01 | 1.2% |
Russell 2000 | 2,082.91 | 1.1% |
Dow Jones | 39,608.08 | 0.6% |
According to Benzinga Pro data:
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