All eyes are turning towards tomorrow's inflation reading
Wall Street closed in muted fashion Thursday, with the Dow and S&P 500 finishing just above breakeven. Despite paring a triple-digit pop from its session highs, the blue-chip index has finished higher in seven of its last eight sessions. Elsewhere, the Nasdaq eked out a win, its third-straight, even as the semiconductor sector struggled. Today's subdued price action precedes tomorrow's key inflation reading, which investors are hoping could provide insight into the Federal Reserve's interest rate path going forward.
Continue reading for more on today's market, including:
5 Things to Know Today
- Is the housing U.S. housing market finally cooling down? (CNBC)
- U.S. President Joe Biden and 2024 Republican nominee Donald Trump are set to face off in their first 2024 debate this evening. (MarketWatch)
- Levi stock just suffered its worst day ever.
- Lackluster earnings weighed on this Micron stock.
- 3 retail stocks to keep on your radar.
Oil, Gold Bounce Back
Oil futures built on this month's gains, even as traders hopes for a rebound in summer gasoline demand clash with data showing fuel consumption slowed down last week. For the session, August-dated West Intermediate (WTI) crude gained 84 cents, or 1%, to settle at $81.74 per barrel.
Gold futures also recovered from back-to-back losses, with August-dated gold last seen 1% higher at $2,335.30 an ounce. A softening dollar helped bullion bounce today, as did anticipation for tomorrow's inflation report.