US Stocks Edge Closer to Records Amid Slowing Inflation

The US stock market is edging closer to record highs as inflation shows signs of slowing down. The S&P 500 rose 0.2% and was near its all-time high set last week, while the Dow Jones Industrial Average added 127 points.

Oil prices are also dropping, with Brent crude falling 2.3%, contributing to the bullish sentiment in the markets. Treasury yields eased after a report showed that inflation at the US wholesale level was not as bad in July as it was in June or as economists expected.

The Labor Department will release its producer price index on Thursday, which captures inflation before it reaches consumers and can provide hints about where prices will go. Technology shares are rising early Thursday despite a 6% decline for Cisco Systems after it posted fourth quarter financial results.