US Stocks Slip 0.3% as Oil Jumps 5% Ahead of CPI Test
Updated
Updated · TradingView · Aug 11
US Stocks Slip 0.3% as Oil Jumps 5% Ahead of CPI Test
3 articles · Updated · TradingView · Aug 11
Summary
All three major US indexes closed 0.3% lower Tuesday, while Dow futures were flat and S&P 500 and Nasdaq 100 futures edged up 0.1% before Wednesday’s CPI release.
WTI crude settled up 5.1% at $82.13 and Brent rose 5% to $87.72 after Iran reiterated it would keep the Strait of Hormuz shut until its demands are met, reviving rate-hike worries.
Economists expect July CPI to show a 0.1% monthly headline increase and a 0.2% core rise, a report investors see as key to judging whether higher energy costs are feeding inflation.
The EIA raised crude and motor-fuel price forecasts as Middle East supply constraints tightened, while US oil stockpiles fell to their lowest level since January 1983.