Global Stocks Rise as Rate Hike Bets Are Reduced Amid Easing Oil Prices

The global stock market saw gains on Thursday as investors adjusted their bets on a potential US rate hike, reducing expectations for a September increase. The S&P 500 reached an intraday record high after producer price data showed no change in July, leading traders to scale back their predictions of a Federal Reserve rate hike next month.

The Dow Jones Industrial Average rose by 113.90 points, or 0.21%, to 53,884.17, while the Nasdaq Composite gained 235.69 points, or 0.89%, to 26,824.18. The MSCI's gauge of global stocks increased by 7.32 points, or 0.63%, to 1,161.85.

The easing of rate hike expectations and the producer price data contributed to a decline in gold prices and US Treasury yields. Brent crude futures fell to $86.72 per barrel, down 2.54% on the day, while U.S. crude dropped 2.7% to $81.02.