Stock Opened Higher amid Rate Cut Expectations

U.S. stocks opened higher on Thursday after Federal Reserve Chair Jerome Powell amplified market expectations for a near-term cut to benchmark interest rates. The Dow Jones Industrial Average lately rose 106.87 points, or 0.40%, to 26,967.07. The S&P 500 advanced 6.13 points, or 0.20%, to 2,999.20. The Nasdaq Composite gained 11.51 points, or 0.14%, to 8,214.04.

Oil futures gained anew Thursday, with prices lifted on the short-term production impact from a Gulf of Mexico storm. August West Texas Intermediate crude was up 24 cents, or 0.4%, at $60.66 a barrel. September Brent rose 26 cents, or 0.4%, at $67.27 a barrel.

Core consumer prices edged up slightly more-than-expected in June, according to a release Thursday from the Bureau of Labor Statistics. The so-called core consumer price index (CPI) rose 2.1% year-over-year in June. Month-over-month, core CPI rose 0.3% in June, faster than the 0.2% increase expected.

Delta Air Lines (DAL) on Thursday reported a record second quarter that beat Wall Street’s estimates, with earnings boosted by strong demand as the summer travel season shifts into high gear. The company reported adjusted quarterly earnings of $2.35 per share on adjusted revenue of $12.49 billion.