Commodities
Stocks Climb as Rate Hike Bets are Pared Back
Stocks rose on Thursday as investors pared back U.S. rate hike bets.
The S&P 500 reached an intraday record high, thanks in part to strong earnings reports from AI infrastructure names.
Traders scaled back their bets on a September Fed rate hike, with the probability of a hold next month rising to 65% from 50% the day before.
The U.S. producer price data was unchanged in July, reducing expectations for a Federal Reserve rate hike next month.
Brent crude futures fell to $86.72 per barrel on Thursday, down 2.54% on the day, and U.S. crude dropped 2.7% to $81.02, due to higher inventories and lower global demand forecasts.