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The July consumer inflation report released Wednesday confirmed a continued cooling trend in price increases across the economy, with the headline Consumer Price Index (CPI) coming in at 2.9% year-over-year, slightly below both the previous and expected 3%.
Core inflation, which excludes food and energy, also saw a modest decline from 3.3% to 3.2% year-over-year, aligning with economists’ forecasts.
For investors, this signals that the Federal Reserve may have the green light to cut interest rates in September. However, the odds of a 25 basis point hike are slightly higher than those of a 50 basis point cut.
Wall Street had a mixed response to the data. Major indices initially rose around 10 a.m. E.T. before flattening out by midday trading in New York.
Both S&P 500 and Nasdaq 100 are striving to secure their fifth consecutive sessions in the green.
Financial stocks outperformed among the 11 sectors of the S&P 500. The biggest laggards were communication services, weighed down by a decline in Alphabet Inc. (NASDAQ:GOOGL)(NASDAQ:GOOG), and consumer discretionary, dragged by Tesla Inc. (NASDAQ:TSLA) and Starbucks Inc. (NYSE:SBUX).
Long-dated Treasury yields fell by 4 basis points, boosting the iShares 20+ Year Treasury Bond ETF (NASDAQ:TLT) by 0.6%.
The U.S. dollar index, as tracked by the Invesco DB USD Index Bullish Fund ETF (NYSE:UUP), remained steady, while gold eased by 1%.
Oil prices, tracked by the United States Oil Fund (NYSE:USO), declined by 1.1%, marking the second consecutive session of losses.
Bitcoin (CRYPTO: BTC) dropped 2.4% to $59,100.
Major Indices | Price | 1-day %chg |
Dow Jones | 39,894.49 | 0.3% |
S&P 500 | 5,442.32 | 0.1% |
Nasdaq 100 | 18,967.78 | -0.2% |
Russell 2000 | 2,081.22 | -0.8% |
According to Benzinga Pro data:
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This photo was created using artificial intelligence MidJourney.
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