The S&P 500 gained 0.3% in late-morning trading Wednesday after July's consumer price index matched Wall Street's forecasts, easing investors' qualms about a Federal Reserve rate hike in September. The Nasdaq composite led the day's advance on strong earnings from artificial-intelligence-linked companies, while the Dow Jones Industrial Average barely moved.
The S&P 500 gained 0.3% in late-morning trading Wednesday. In-line July inflation data eased investors' qualms about a Federal Reserve rate hike in September.
The Nasdaq composite climbed 0.6% to lead the day's gains. The Dow Jones Industrial Average clawed less than 0.1% higher after dipping into negative territory earlier in the session. The Russell 2000 added 0.3%.
Early Wednesday, the Labor Department said the consumer price index rose 0.1% in July, with a 3.4% annual increase. The core CPI, which excludes food and energy, was up 0.2% on the month and 2.5% year over year. All four metrics matched economist estimates, according to Econoday.
Tech earnings also lifted the Nasdaq. Super Micro Computer surged nearly 15% after quarterly profit of $1.70 a share on revenue of $11.12 billion, beating FactSet estimates of 92 cents a share and $11.6 billion in sales. CoreWeave rose more than 18% after posting a smaller-than-expected loss for its second quarter, with revenue rising 112% to $2.58 billion. Nebius climbed more than 19% after narrowing its quarterly loss to 49 cents a share, against Wall Street's estimate of a 72-cent loss, on revenue that surged 454% to $582 million.
Within the Dow, Caterpillar and Nvidia rallied 2.5% and 1.5%, respectively, in premarket trading. Salesforce and Microsoft declined 3% and nearly 1%, respectively, in early trading.
Source: Investor's Business Daily
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