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Stock market today: Dow, S&P 500, Nasdaq rise after CPI data cools slightly
Yahoo Finance • • general
Key Points:
- US stocks rose on Wednesday, with the S&P 500 up 0.3% and the Nasdaq Composite increasing 0.7%, while the Dow Jones Industrial Average remained flat amid a quiet week in the markets.
- July's Consumer Price Index showed inflation cooling to a 3.4% annual rate, matching expectations and down slightly from June's 3.5%, with a monthly increase of 0.1%.
- Inflation remains above the Federal Reserve's 2% target, leading to uncertainty among officials on whether to raise interest rates or hold steady in September; traders now lean toward the Fed pausing rate hikes.
- Geopolitical tensions in the Middle East, including the US blockade of the Strait of Hormuz and firing on a Panama-flagged ship, are contributing to elevated inflation and Treasury yields, pushing Brent crude oil prices near $90 per barrel.
