CNBC Daily Open: Fed minutes signal September rate cut

This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Like what you see? You can subscribe  here .

Stocks advance
Wall Street rose as minutes from the Federal Reserve meeting and revision to payrolls raised hopes of a rate cut. The S&P 500 edged up 0.42% and is within 1% of its all-time record close. The Nasdaq Composite advanced 0.57%. Both the indexes notched their ninth positive day of 10. The Dow Jones Industrial Average rose 55.52 points. Meanwhile, the yield on the 10-year Treasury fell, while U.S. oil prices dropped 1.7% to below $72 a barrel.

Fed rate cut imminent?
The Federal Reserve officials at their July meeting moved closer to an anticipated interest rate cut, indicating that a September reduction was quite probable. "The vast majority" of members "observed that, if the data continued to come in about as expected, it would likely be appropriate to ease policy at the next meeting," the summary of the minutes from the Fed's last meeting showed. Markets are fully pricing in a September rate cut. Some officials were inclined to start easing at the July meeting rather than waiting until September, citing progress on inflation and the unemployment rate. Separately, nonfarm payroll growth was revised down by 818,000, making a case for rate cuts.

Ford EV shift
Ford Motor is postponing production of a next-generation electric pickup truck and canceling plans for a three-row electric SUV, instead prioritizing hybrid models. The move will result in a $400 million charge and up to $1.5 billion in additional expenses. Ford will lower its EV capital expenditure from 40% to 30% as it responds to