US Stock Market Today | Dow Jones | Nasdaq Live: S&P 500 holds near highs as tech strength offsets hot inflation data

U.S. crude and gasoline inventories declined sharply last week, according to the Energy Information Administration, with crude stocks falling by 4.3 million barrels, more than double market expectations. Gasoline inventories also dropped by 4.1 million barrels, signalling firm demand.

In contrast, distillate stockpiles unexpectedly rose, defying forecasts for a decline. Meanwhile, refinery activity picked up, with utilisation rates climbing to 91.7%, while net U.S. crude imports fell, indicating tighter domestic supply conditions.