July 13, 2023: US Inflation Plunges to 3% in June.

Inflation in the US recorded the lowest YoY increase in two years.

Meta stock gained $28 billion in one day, and Nvidia stock achieved its highest closing in history.

US indices closed with strong gains on Wednesday after June’s inflation rate recorded the lowest year-on-year increase over two years.

Inflation data confirmed expectations that the Federal Reserve may pause its interest rate hikes after an additional expected 25 basis points increase in the July meeting.

  • US30: The Dow Jones Industrial Average rose by 0.25%, equivalent to about 86 points, achieving its third consecutive daily gain.
  • US500: The S&P 500 also rose by approximately 0.7%, marking its highest closing in 15 months.
  • USTEC: The Nasdaq Composite Index jumped by 1.15% to close above the 13,900 level for the first time since April 2022.
  • Nvidia stock:

Nvidia stock surged by about 3.5%, marking its highest closing in history, adding approximately $37 billion to its market value in a single session.

These gains came after a report by the Financial Times mentioned that Nvidia is in talks to become a major investor in the initial public offering of Arm, a company specializing in chip manufacturing.

  • Meta stock:

Meta stock jumped by 3.7%, marking its highest closing in 17 months and adding $28 billion to its market value in a single session.

Threads, a subsidiary of Meta, became the fastest-growing app in history after reaching 100 million users in 5 days.

Gold is near a month high on hopes that the Federal Reserve would end its rate hike cycle.

Gold prices rose on Thursday, July 13, to their highest level in almost a month, supported by a decline in the US dollar following US inflation data that bolstered hopes that the US Federal Reserve would soon halt its monetary tightening policy.

Spot gold rose 0.17% to $1,960.70 per ounce, marking its highest level since June 16.

US gold futures also rose 0.24% to $1,966.5.

US consumer prices rose slightly in June and recorded their lowest annual increase over two years as inflation continued to ease, but perhaps not at a fast enough pace to make the Fed stop raising interest rates later this month.

As for other precious metals, silver rose 0.5% in spot trading to $24.22 per ounce.

Palladium rose 1.35% to $1,277.00 while Platinum rose 1.05% to $961.00.

Oil prices rise in early trading as US inflation eases.

Oil prices rose in early Asian trading on Thursday after US inflation and economic data raised hopes of a slower pace of interest rate hikes by the Federal Reserve in the world’s largest economy.

Brent crude futures rose 23 cents to $80.34 per barrel, while US crude futures increased 16 cents to $75.91.

Yesterday, US data showed a slight increase in consumer prices in June, recording the smallest annual increase over two years.

Disclaimer: This article is not investment advice or an investment recommendation and should not be considered as such. The information above is not an invitation to trade and it does not guarantee or predict future performance. The investor is solely responsible for the risk of their decisions. The analysis and commentary presented do not include any consideration of your personal investment objectives, financial circumstances, or needs.

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