US stock market today: Wall Street moves towards all-time high as inflation moderates and oil prices drop

US stock market today: Wall Street moves towards all-time high as inflation moderates and oil prices drop

Wholesale inflation down to 4.7% YoY from 5.6% in June. Fed rate hike probability for September: 50% → 35%. Wholesale inflation down to 4.7% YoY from 5.6% in June. Fed rate hike probability for September: 50% → 35%. Lower rates mean cheaper capital for tech investments, supported valuations, and protected IT budgets. Favorable macro environment for M&A and AI deals.