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US stocks rise as inflation cools and quarterly earnings begin
The 10-year Treasury yield slipped to 4.55%, while producer-price declines in June supported expectations that a rate hike this year is less likely.
U.S. stocks rose on Wednesday as cooler inflation data landed alongside an encouraging start to the quarterly earnings season, lifting broader benchmarks. The Nasdaq Composite climbed 0.62% to 26,269, the S&P 500 gained 0.38% to 7,572, and the Dow Jones Industrial Average added 0.29% to 52,659.
Market participants pointed to June U.S. producer prices, which fell, as another sign that price pressures are easing. Yahoo Finance also noted the move reduced the likelihood of an interest rate hike this year, although it warned the inflation reprieve could be temporary if oil price gains linked to Middle East tensions feed back into costs.
Sector performance was mixed. Communication stocks led with a 2.69% gain, while technology and industrials each fell 0.25%, with memory chip names pressured by continued sector volatility.
Notable single-stock moves included Lucid Group, which jumped 29% after denying bankruptcy rumors, and PayPal Holdings, which rose on reports of a potential Stripe acquisition bid. In rates, the 10-year Treasury yield decreased 0.03% to 4.55%, and gold prices fell 0.05% to $4,060.78 at the U.S. close.
Latest closeGold $3,981.40 ▼1.6%|S&P 500 7,533.77 ▼0.5%|Nasdaq Comp. 25,881.95 ▼1.5%