Finance

Market participants have significantly lowered expectations for an imminent interest rate hike by the Federal Reserve. Fed funds futures showed traders pricing in roughly a 65% probability that the central bank will keep monetary policy unchanged at its upcoming September meeting.

Crude oil futures fell for a second consecutive day, providing a tailwind to equities by alleviating broader inflationary worries. Both the domestic benchmark West Texas Intermediate and international benchmark Brent crude posted declines of over 1% as investors evaluated lowered global demand forecasts alongside increasing supplies.

While robust semiconductor stock performance provided a boost to the broader market, specific corporate disclosures provoked intense trading reactions. Shares of network giant Cisco Systems and luxury retail group Tapestry both dropped significantly following their quarterly updates, despite delivering optimistic full-year revenue outlooks.