“The market was comforted today by the market-friendly PPI report,” said analyst Patrick O’Hare.
Traders work on the floor of the New York Stock Exchange (NYSE) on Jul 09, 2026, in New York City. (Photo: AFP/Spencer Platt)
16 Jul 2026 04:59AM
NEW YORK: Wall Street stocks advanced Wednesday (Jul 15) following another benign US inflation report as oil prices edged higher following the latest escalation of fighting between the United States and Iran.Major US indices withstood a midday swoon into negative territory to push higher, with tech giants like Apple, Amazon and Facebook parent Meta rising three per cent or more.The US producer price index slipped 0.3 per cent month-on-month in June, reflecting lower energy prices amid a hoped-for Middle East conflict settlement, data showed.The report came on the heels of Tuesday data that showed consumer prices rising less than expected."I think the market was comforted today by the market-friendly PPI report, which followed on yesterday's market-friendly CPI report," said Briefing.com analyst Patrick O'Hare. "But we still have a market that's kind of trading sideways, holding near its all-time highs, but not breaking out as of yet."The S&P 500 finished up 0.4 per cent. Oil prices ticked higher as the United States launched a wave of strikes against Iran, which has vowed to shut down anew the Strait of Hormuz, a waterway that is crucial for global oil and gas flows.Traffic through the waterway remained low, with maritime tracker Kpler reporting only 21 transits on Tuesday.Economist Samuel Tombs of Pantheon Macroeconomics said Wednesday's US inflation report was "broadly reassuring.""But the big question of how much of the surge in energy prices feeds through to consumer prices will take several more months to answer," he warned in a note.Nearly a month after they signed a memorandum of understanding aimed at ending the Middle East war, the United States and Iran have resumed fighting with strikes on targets across the region.
