Tech stocks boost S&P 500 to new high
The S&P 500 index hit an all-time high during Thursday's trading sessions, supported by technology stocks, amid a decline in oil prices, which increased investors' appetite for risk. Crude oil futures for Brent dropped by 2.2% after six consecutive sessions of gains, amid expectations of decreased global demand and rising U.S. crude inventories. Shares of major technology companies like Microsoft, Nvidia, and Apple rose on strong earnings results, helping the index reach higher levels. Meanwhile, producer price data showed a 4.7% year-over-year increase in July, below expectations, reinforcing the likelihood of maintaining current interest rates. Strong corporate earnings supported the market after a temporary dip, and the data helped stabilize the labor market, reducing the prospects of a sharp interest rate hike in the near future.
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