The latest inflation data from the producer price index (PPI) pushed investor sentiment -- and each of the major indexes -- confidently higher for today's session. The S&P 500 and Russell 2000 (RUT) notched record closes, while the Dow and Nasdaq logged healthy wins as well. AI infrastructure stocks were big winners today, with Micron Technology (MU) a notable leader. Elsewhere, Iran revealed it has joined the BRIC New Development Bank for added "cooperation with member states," as the war with the U.S. reaches a sixth month.
Profit-Taking Pressures Gold Futures Lower
Oil prices pulled back Thursday, after both the U.S. and Iran made conflicting claims about control of the Strait of Hormuz. September-dated West Texas Intermediate (WTI) crude shed 2.4% to settle at $81.25 per barrel.
Profit-taking following yesterday's highs took over and pushed gold prices lower for today's session. August-dated gold futures slipped 1% to settle at $4,423.60.
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