LONDON—The dollar sank to a two-month low on Wednesday ahead of a key read of U.S. inflation, while sterling hit 15-month highs after wage growth data fed expectations that the Bank of England (BoE) has further to go in raising rates. The yen strengthened past 140 to the dollar for the first time in a…
Oil Stuck Between Supply Strains and Economic Doubt
LONDON—Oil prices were little changed on Wednesday in a market caught between expectations supply cuts by the world’s biggest fuel exporters will drive prices higher and concerns global economic weakness will sap demand. Brent futures dipped 1 cent to $79.39 a barrel by 1039 GMT, and U.S. West Texas Intermediate (WTI) crude edged 8 cents…
Dollar Hits 2-month Low Before US Inflation Data
July 12, 2023
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LONDON—Bets on a screeching slowdown in U.S. inflation data later saw traders shove the dollar to a 2-month low on Wednesday and push stocks up and bond market borrowing costs down for a third day running. Economists polled by Reuters expect to see June U.S. consumer price inflation slow to 3.1 percent from 4 percent…
Stock Market Today: Wall Street Gets a Late Push Ahead of Inflation Data; Activision Blizzard Jumps
NEW YORK—Stocks climbed Tuesday as Wall Street prepared for an upcoming update on inflation that will hopefully show a smaller increase in pain for everyone. The S&P 500 rose 29.73, or 0.7 percent, to 4,439.26. The Dow Jones Industrial Average gained 317.02 points, or 0.9 percent, to 34,261.42, and the Nasdaq composite added 75.22, or…
Closing Prices for Crude Oil, Gold, and Other Commodities (July 11)
July 11, 2023
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Benchmark U.S. crude oil for August delivery rose $1.84 to $74.83 a barrel Tuesday. Brent crude for September delivery rose $1.71 to $79.40 a barrel. Wholesale gasoline for August delivery rose 5 cents $2.62 a gallon. August heating oil rose 3 cents to $2.58 a gallon. August natural gas rose 6 cents to $2.73 per…
How Major US Stock Indexes Fared July 11
Stocks closed higher on Wall Street as investors wait for updates on inflation and corporate profits. The S&P 500 rose 0.7 percent Tuesday after another quiet day of trading. The Dow rose 316 points, or 0.9 percent, and the Nasdaq composite rose 0.6 percent. The week’s main event arrives Wednesday when the government offers the…
Used-Car Prices Tumble in Largest Drop Since the Pandemic
July 11, 2023
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Wholesale used-car prices tumbled for a third straight month in June, in the largest drop since the start of the pandemic in 2020. Prices in that sector, dropped by 4.2 percent from May to June, according to a Cox Automotive’s Mannheim Used Vehicle Value Index (MUVVI), a measurement of wholesale prices of used vehicles, fell 10.3…
US Stocks Open Higher Ahead of Inflation Numbers
Wall Street’s main indexes opened higher on Tuesday ahead of key inflation data this week, with investors hopeful that a slowdown in price increases could support a sooner-than-expected end to the Federal Reserve’s policy of rapid monetary tightening. The Dow Jones Industrial Average rose 112.54 points, or 0.33 percent, at the open to 34,056.94. The…
Dollar Falls to 2-month Low, Sterling Hits 15-month High After Jobs Data
LONDON—The dollar weakened to a two-month low on Tuesday after Federal Reserve officials signalled that the central bank was nearing the end of its tightening cycle, while the pound hit a 15-month high after pay growth exceeded expectations. Several Fed officials said on Monday the central bank would likely need to raise interest rates further…
Oil Prices Steady as Traders Weigh Supply Cuts Against Economic Headwinds
LONDON—Oil prices were little changed on Tuesday as traders weighed supply cuts by the world’s biggest oil exporters and hopes for higher demand in the developing world in the second half of 2023 against a sluggish global economic outlook. Brent crude futures were up 2 cents to $77.71 a barrel by 0945 GMT, and U.S….
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