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Oil prices extended gains on Wall Street after US inflation data bolstered expectations of a Federal Reserve rate cut, with Brent crude staying above $85 per barrel. The surge in oil prices comes as investors anticipate a potential cut in interest rates by the Fed to counter rising inflation.
Spot gold also saw a significant surge, climbing 1.5% to $2,406.99 per ounce, marking its highest level since May 22. US gold futures rose 1.4% to $2,412.60, driven by the positive US inflation data that boosted expectations of a rate cut.
In the stock markets, Chandan Taparia recommended three stocks to buy on July 12 – ITC, ONGC, and PFC. These stocks are technically positioned for a decent upmove according to Taparia’s analysis.
Meanwhile, on Wall Street, the S&P 500 and Nasdaq hit fresh record highs as the inflation data boosted hopes of a rate cut by the Fed. The S&P 500 was higher by 0.02% at the opening bell, while the Nasdaq Composite gained 0.06%.
Overall, the markets are reacting positively to the latest economic data and developments, with investors closely monitoring the movements in oil prices, gold, and key stocks. Stay tuned for more updates on the latest market trends and movements.
