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US shares see gains at Friday’s session open following main inflation data
(MENAFN) On Friday, major US stock exchanges experienced gains at the opening, buoyed by the latest inflation figures closely monitored by the Federal Reserve. The Dow Jones Industrial Average saw a modest increase of 39 points, or 0.1 percent, reaching 41,378 as of 9:52 a.m. EDT (1352 GMT). Meanwhile, the S&P 500 climbed 31 points, or 0.57 percent, to 5,623, and the nasdaq Composite rose by 160 points, or 0.92 percent, to 17,677. The positive market reaction was driven by the inflation data, which provided investors with new insights into economic conditions.
The Federal Reserve's favored measure of annual inflation, the Personal Consumption Expenditures (PCE) price index, remained steady at 2.6 percent for July, according to figures released by the Commerce Department. This rate was slightly below market expectations of 2.7 percent. Additionally, the broader PCE price index, which encompasses food and energy costs, increased by 2.5 percent year-over-year in July, also coming in under the anticipated 2.6 percent. These figures offered a mixed but generally reassuring perspective on inflation, influencing investor sentiment positively.
In other financial indicators, the VIX volatility index, often referred to as the "fear index," declined by 3.4 percent to 15.12, reflecting reduced market anxiety. Conversely, the yield on the 10-year US Treasury bond rose by 0.24 percent to 3.869 percent, indicating a slight increase in long-term interest rates. The US dollar index appreciated by 0.25 percent to 101.60, while the euro experienced a minor decline of 0.03 percent against the dollar, trading at USD1.1073.
Commodity markets saw some declines, with precious metals posting losses. Gold prices fell by 0.22 percent to USD2,515 per ounce, and silver dropped 0.5 percent to USD29.27 per ounce. Oil prices also decreased, with Brent crude, the global benchmark, down more than 2 percent to USD77.23 per barrel, and West Texas Intermediate, the US benchmark, falling to USD74.06 per barrel. The decline in oil prices and the movement in precious metals reflect ongoing adjustments in commodity markets amid the latest economic data.
The Federal Reserve's favored measure of annual inflation, the Personal Consumption Expenditures (PCE) price index, remained steady at 2.6 percent for July, according to figures released by the Commerce Department. This rate was slightly below market expectations of 2.7 percent. Additionally, the broader PCE price index, which encompasses food and energy costs, increased by 2.5 percent year-over-year in July, also coming in under the anticipated 2.6 percent. These figures offered a mixed but generally reassuring perspective on inflation, influencing investor sentiment positively.
In other financial indicators, the VIX volatility index, often referred to as the "fear index," declined by 3.4 percent to 15.12, reflecting reduced market anxiety. Conversely, the yield on the 10-year US Treasury bond rose by 0.24 percent to 3.869 percent, indicating a slight increase in long-term interest rates. The US dollar index appreciated by 0.25 percent to 101.60, while the euro experienced a minor decline of 0.03 percent against the dollar, trading at USD1.1073.
Commodity markets saw some declines, with precious metals posting losses. Gold prices fell by 0.22 percent to USD2,515 per ounce, and silver dropped 0.5 percent to USD29.27 per ounce. Oil prices also decreased, with Brent crude, the global benchmark, down more than 2 percent to USD77.23 per barrel, and West Texas Intermediate, the US benchmark, falling to USD74.06 per barrel. The decline in oil prices and the movement in precious metals reflect ongoing adjustments in commodity markets amid the latest economic data.
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