U.S. stock markets saw marginal gains on Thursday. By the close of trading in New York, the Dow Jones stood at 50,669 points, reflecting a slight increase compared to the previous trading day. Minutes earlier, the broader S&P 500 was up 0.6 percent at roughly 7,564 points, while the technology-focused Nasdaq 100 reached approximately 30,224 points, up 0.8 percent.
Meanwhile, the key inflation indicator favored by the U.S. Federal Reserve reached a three-year high in April. According to the responsible statistical office, the Personal Consumption Expenditures (PCE) deflator rose from 3.5 percent in March to 3.8 percent in April. The core rate, excluding volatile food and energy prices, increased from 3.2 to 3.3 percent. This upward trend in inflation distances the economy further from the central bank’s target. For the Fed, which relies on a broad data set for its interest rate decisions, this makes an imminent interest rate cut-such as the one demanded by U.S. President Donald Trump-less likely.
In different markets, the European common currency strengthened slightly Thursday evening; the euro cost 1.1647 U.S. dollars, making the dollar equivalent to 0.8586 euros. Gold prices also benefited, rising 0.9 percent in the evening, reaching $4,497 per fine ounce, which translates to 124.12 euros per gram.
In contrast, oil prices declined. Towards 10 p.m. German time on Thursday, a barrel of Brent crude, sourced from the North Sea, cost $94.07, marking a decrease of 0.2 percent or 22 cents from the end of the previous trading day.
