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The S&P 500 touched a record high during Thursday's session as oil prices fell and traders digested additional inflation data, according to Sina Finance. The Dow rose 69.71 points, or 0.13%, to 53,839.98; the S&P 500 gained 50.49 points, or 0.65%, to 7,798.99; and the Nasdaq climbed 214.53 points, or 0.81%, to 26,803.02.
Brent crude futures dropped more than 2% to settle at $87.07 a barrel, while West Texas Intermediate futures also fell more than 2% to close at $81.25 a barrel, as traders weighed weaker oil demand while the conflict between the United States and Iran continued.
Wall Street received another U.S. inflation reading on Thursday, with the July Producer Price Index, which measures prices wholesalers pay for raw materials and semi-finished goods, flat month over month. Economists surveyed by Dow Jones had expected a 0.2% increase. Excluding volatile food and energy prices, core PPI rose 0.2%, slightly below the 0.3% gain economists had forecast. The softer-than-expected PPI report came a day after the Consumer Price Index data met expectations.
July CPI rose 0.1% month over month, in line with expectations. The mild report lifted the S&P 500, which closed higher for the first time in three trading sessions. Following the report, traders lowered their expectations for a September rate hike.
"The inflation picture at the moment isn’t enough to derail what really remains an earnings-driven market," said Bill Merz, head of capital markets research at Bank of America's asset management arm.
“It remains to be seen how the Fed under new Chair [Kevin] Warsh is going to interpret these numbers and what they do about it, if anything, and so that remains a little bit of an uncertainty that markets are digesting,” he told CNBC. “But for the time being, some incremental moderation in CPI and PPI numbers, that’s constructive.”
Cisco Systems was a major drag on the day, with shares falling more than 8% after its latest quarterly results failed to impress investors. Cerebras and Coherent also fell after reporting results, with the former plunging nearly 12% and the latter dropping about 8%.