US stocks climb as more signs of cooling inflation lift hopes that Fed rate hikes are near an end

• US stocks climbed Thursday as the producer price index rose less than expected.
• It joined Wednesday's better-than-expected consumer price index data.

Investors continued jumping back into equities on Thursday, as fresh inflation data raised hopes the Federal Reserve's rate hikes may be near an end.

The producer price index climbed 0.1% in June from the prior month, coming in below estimates and marking the smallest increase in nearly three years. That followed Wednesday's consumer price index report, which also showed a continued slowdown and less inflationary pressure than expected.

For now, investors still expect the central bank to lift its benchmark rate a quarter point to a 5.25%-5.5% range in the upcoming July meeting, but odds of further hikes are falling.

Meanwhile, weekly jobless claims fell to 237,000, below a forecast of 250,000, indicating the labor market remains tight.

Here's where US indexes stood at the 9:30 a.m. ET opening bell on Thursday:

• S&P 500: 4,494.68, up 0.50%
• Dow Jones Industrial Average: 34,469.89, up 0.36% (122.46 points)
• Nasdaq Composite: 14,034.94, up 0.83%

Here's what else has happened today:

• Economist Steve Hanke sees the inflationary challenge as a thing of the past, but others are less convinced.
• Allianz said the dollar will remain the dominant currency due to its liquidity and heavy use in the private sector.
• FOMO affects more than just tech as it moves onto the entire stock market, JPMorgan wrote.
• Russians withdrew over $1 billion worth of rubles during the Wagner revolt.

In commodities, bonds and crypto:

• West Texas Intermediate crude declined 0.14% to $75.88 per barrel. Brent crude, oil's international benchmark, fell 0.27% to $80.12.
• Gold inched up 0.08% to $1,959.72 per ounce.
• The yield on the 10-year Treasury dropped 4.1 basis points to 3.818%.
• Bitcoin moved up 0.32% to $30,563.