US stocks edged higher on Thursday, as data showed the annual increase in US producer inflation was the smallest in nearly three years.
In June, the producer price index climbed 0.1%. That was the smallest year-on-year gain since August 2020 and followed a 0.9% increase in May.
The S&P 500 gained 37.73 points, or 0.84%, at 4,509.89 points. The Nasdaq Composite rose 219.35 points, or 1.58%, at 14,138.31. The Dow Jones Industrial Average added 44.48 points, or 0.13%, at 34,391.91.
Chip stocks climbed, with Nvidia jumping 4.73% to a record high at $459.77.
A separate report from the US showed initial claims for state jobless benefits dropped 12,000 to a seasonally adjusted 237,000 for the week ended July 8, but overall the labor market remains tight.
The 10-year treasury yield fell to 3.76% from 3.86% late Wednesday. The 2-year treasury yield fell to 4.63% from 4.75%.
Currencies
The US dollar fell to 138.33 Japanese yen from 140.46. The euro rose to $1.1137 from $1.1000.
Canada
Canada stocks rose on Thursday, led by gains in technology and financial shares.
The Toronto Stock Exchange’s S&P/TSX composite index ended up 206.87 points, or 1%, at 20,277.64.
Europe
European shares ended higher on Thursday, led by technology stocks.
The pan-European STOXX 600 index ended 0.6% higher.
Britain’s FTSE 100 gained 0.3% at 7,440.21. Germany’s DAX added 0.7% at 16,141.03. France’s CAC 40 added 0.5% at 7,369.80.
Among the sectoral gainers, technology stocks jumped 1.7%. IT provider Softcat advanced 5.3% after Citi raised its stock rating to “buy”.
Miners rose 1.7%, as commodity prices increased on a weaker dollar.
Britain’s economy shrank less than expected in May.
Swatch shares rose 6.9% after the watchmaker reported record growth in the first half of the year.
Asia
Asian equities advanced on Thursday.
Hong Kong’s Hang Seng index climbed 2.6% at 19,350.62. China’s Shanghai Composite added 1.3% at 3,236.48.
Japan’s Nikkei 225 rose 1.5% at 32,419.33.
Australia’s S&P/ASX 200 index rose 1.6% to close at 7,246.9 points. New Zealand’s benchmark S&P/NZX 50 index advanced 0.9% to 12,013.43.
Energy prices
US crude oil benchmark for August delivery rose 92 cents to $75.75 a barrel on Wednesday. Brent crude for September delivery rose 71 cents to $80.11 a barrel.
Natural gas for August delivery fell 10 cents to $2.63 per 1,000 cubic feet.
Bullion
Gold for August delivery rose $24.60 to $1,961.70 an ounce. Silver for September delivery rose $1.03 to $24.31 an ounce.
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