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Stocks surged on Tuesday, after a cooler-than-expected consumer price index (CPI) reading for July lifted hopes of an interest rate cut. President Trump took to Truth Social to demand lower rates, mentioning a "major lawsuit" against Federal Reserve Chair Jerome Powell regarding central bank building renovations that he is "considering allowing."
The Dow finished the day up 483 points, while the S&P 500 and Nasdaq marked fresh record closes. The Cboe Volatilty Index (VIX), on the other hand, settled at its lowest level since December.
Continue reading for more on today's market, including:
Oil prices settled lower on Tuesday, as investors reacted to the extended U.S.-China tariff truce and inflation data. Friday's meeting between President Trump and Russian President Vladimir Putin was also in focus. September-dated West Texas Intermediate (WTI) shed 79 cents, or 1.2%, to close at $63.17 per barrel.
Meanwhile, gold prices were flat, as economic data fueled hopes of a potential interest rate cut. August-dated gold futures settled around breakeven at $3,403.80 per ounce.
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