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Stocks climbed to all-time highs Thursday following the release of August’s Consumer Price Index (CPI) data, bolstering expectations that the Federal Reserve may pause interest rate hikes. The Dow Jones Industrial Average rose,alongside gains in the S&P 500 and Nasdaq Composite,as investors reacted positively to the cooling inflation report. However, Oracle shares experienced a downturn despite the broader market rally.
The CPI report revealed a 0.3% increase in prices for August, slightly above economists’ forecasts, but overall inflation remains well below its peak. This data fuels optimism that the Fed will hold steady on interest rates at its upcoming meeting, perhaps providing continued support for stock market growth. The implications extend beyond Wall Street, impacting borrowing costs for consumers and businesses alike, and influencing the trajectory of the national economy.
As of 1:17 PM EST, futures contracts linked to the Dow Jones Industrial Average were up 0.2% in premarket trading. S&P 500 futures also increased by 0.2%, while Nasdaq 100 futures advanced 0.3%.
Meanwhile, opendoor shares have experienced a importent surge since July, driven by increased activity from retail investors who have embraced the stock as a “meme stock.” The stock, which closed June trading at $0.53 per share,is now approaching $9 with recent gains.
