Global Stocks Rise Amid Oil Price Plunge
The global stock market has seen mostly gains on Wednesday, despite some signs of caution ahead of key economic data releases. The S&P 500 futures pointed to a 0.1% decline before the opening bell, while Dow Jones Industrial Average and Nasdaq futures experienced slight drops.
The market is awaiting critical inflation and growth data from the US, including the release of July consumer spending numbers and the second estimate of Q2 economic growth. The Federal Reserve's preferred measure of inflation has remained above 3% since early this year, exceeding its target.
Oil prices have fallen sharply, with Brent crude dropping 2.4% to $85.17 a barrel and US crude falling 2.4% to $80.37 a barrel. The price decline is attributed to growing tensions between the US and Iran, following new sanctions announced by the Trump administration.