US markets right now: Stocks hover near records after consumer inflation data rise; global cues mixed

Wall Street traded near report highs on Thursday as recent US financial data strengthened expectations that the Federal Reserve will lower rates of interest subsequent week to assist development. The S&P 500 rose 0.3% in early commerce after setting new records within the final two periods, whereas the Dow Jones Industrial Average superior 95 factors and the Nasdaq composite added 0.4%, AP reported. Treasury yields stayed regular, signalling calm after the newest financial stories.Markets had been buoyed by anticipation of a Fed price lower, whilst inflation stays above the two% goal and labour market data continues to point out weak spot. “Traders were already convinced the Fed will deliver its first cut to interest rates of the year at its next meeting, but they need inflation data until then to be mild enough not to derail those expectations,” analysts famous.Wall Street is betting the US financial system can handle a “soft landing” — slowing sufficient to immediate financial easing, however not collapsing into recession. An encouraging signal got here from Wednesday’s wholesale inflation report, which confirmed worth development unexpectedly slowed in August.Among particular person shares, Opendoor jumped 36% after naming Shopify COO Kaz Nejatian as its new chief govt, with co-founders Keith Rabois and Eric Wu returning to the board. FedEx slipped 1.3% and UPS fell 2.1% after Bank of America downgraded each corporations.In global markets, Europe’s main indexes gained at noon, with Germany’s DAX up 0.3%, Britain’s FTSE 100 advancing 0.5%, and France’s CAC 40 climbing 0.9%.In Asia, Japan’s Nikkei 225 surged 1.2% to 44,372.50, with DelicateBank Group rallying 8.3% for a second straight day. Japan’s producer costs rose 2.7% year-on-year in August, up from 2.5% the prior month. China’s Shanghai Composite jumped 1.7% to three,875.31, whereas Hong Kong’s Hang Seng dipped 0.4% to 26,086.32. Chipmakers Semiconductor Manufacturing International Corp and Hua Hong Semiconductor rose 6% and three.8% respectively, whereas Cambricon Technologies gained 9%.Elsewhere, South Korea’s Kospi rose 0.9%, Taiwan’s Taiex edged 0.1% greater, and India’s Sensex gained 0.2%. Australia’s S&P/ASX 200 slipped 0.3%.