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Wall Street rebounds as July CPI cools, lifting tech and AI stocks
The S&P 500 rose 0.4% to 7,756.2 and investors took comfort as CPI slowed to 3.4% year on year in July from 3.5% in June.
Wall Street rebounded on Wednesday after official data showed inflation cooled in July, easing concerns that the Federal Reserve could raise interest rates soon. Housing
The Consumer Price Index increased 3.4% year on year in July, down from 3.5% in June, according to US government data. In early trading, the Dow Jones Industrial Average was up 0.2% at 53,872.1, the broad-based S&P 500 gained 0.4% to 7,756.2, and the Nasdaq Composite jumped 0.7% to 26,641.9, as investors looked for less pressure on Fed policy.
Market participants were also watching persistent geopolitical risks, including reports of no progress in Iranian negotiations to revive an interim agreement and continued shipping attacks. Meanwhile, AI and semiconductor names led the rebound, with CoreWeave shares rising 22% after reporting quarterly revenue of $2.6 billion.
Nvidia gained 2%, Micron climbed 4.4%, and Broadcom added 1.4%. Other winners included IREN up 7.8% and Applied Digital up 5.5%, alongside gains for Nebius Group, Super Micro Computer, Lumentum Holdings, and Cava Group after company updates and results.
Latest closeS&P 500 7,728.20 ▼0.3%|Nasdaq Comp. 26,445.45 ▼0.6%|Dow Jones 53,791.85 ▼0.3%