On Wednesday, U.S. July CPI data came in as expected, with core inflation remaining moderate, easing pressure on the Federal Reserve to raise interest rates in September. The U.S. Dollar Index reversed its intraday losses and ultimately closed up 0.15% at 99.97; the benchmark 10-year U.S. Treasury yield closed at 4.695%;The yield on the 2-year U.S. Treasury note, which is sensitive to the Fed’s policy rate, closed at 4.212%.
Spot gold retreated from its intraday high of $4,441 but ultimately closed up 0.93% at $4,408.42 per ounce;Spot silver fell below the 66 mark but still closed up 1.00% at $65.33 per ounce.
International oil prices traded sideways amid a combination of factors, including uncertainty surrounding navigation through the Strait of Hormuz in the Middle East, OPEC’s downward revision of global oil demand growth forecasts, and Saudi Arabia’s shift to alternative shipping routes.WTI crude ultimately closed down 0.65% at $81.69 per barrel; Brent crude closed down 0.66% at $88.38 per barrel.
The three major U.S. stock indices showed mixed results: the Dow Jones Industrial Average fell 0.04%, the S&P 500 rose 0.26%, and the Nasdaq rose 0.54%. SpaceX (SPCX.O) rose 9.6%.NVIDIA (NVDA.O) rose 3%, SK Hynix (SKHY.O) rose 9%, Micron Technology (MU.O) rose 4.9%, Meta (META.O) fell 3%, and Microsoft (MSFT.O) fell 2%.The Nasdaq Golden Dragon China Index closed down 2.4%, with Alibaba (BABA.N) falling 2% and NetEase (NTES.O) down 2.9%.