US Stocks Hit Record High as Inflation Slows and Oil Prices Drop

The US stock market reached an all-time high on Thursday following a report that showed inflation is slowing down. The S&P 500 climbed 0.7% and topped its prior record, while the Dow Jones Industrial Average added 69 points or 0.1%. The Nasdaq composite gained 0.8%. The easing of oil prices also contributed to the market's rise, with Brent crude falling 2.1% to $87.07.

Investors are now betting on a lower chance that the Federal Reserve will raise interest rates at its next meeting in September. This is because the report showed wholesale inflation was 4.7% higher last month than a year earlier, which is not as bad as expected and suggests that the Fed may hold off on hikes.

Real-estate stocks performed well, with AvalonBay Communities rising 2.3%, Homebuilder D.R. Horton adding 2.8%, and Fossil Group climbing 5.9%. However, Cisco Systems fell 8.4% despite reporting stronger profit and revenue for the latest quarter than Wall Street expected.