U.S. stocks rose on Tuesday after a report showed inflation unexpectedly slowed across the country last month, easing concerns about a recession and higher prices.
The S&P 500 index climbed 0.7% to close at 3,962.57, its highest level since June 19, following a decline of nearly 20% below its record last month.
Key Highlights
- Inflation Data: The latest data from the Labor Department indicated that consumer prices rose just 0.1% in July from June, which was less than economists’ expectations of a 0.2% increase.
- Drivers of Slowdown: The slowdown in inflation was primarily driven by:
- Lower energy costs
- Slower price increases for food and housing
Expert Insights
Michael Arone, chief investment strategist at State Street Global Advisors in Boston, commented:
"We’re seeing some signs that we’re getting closer to an inflection point."
Interest Rates Outlook
- While interest rates are still expected to rise this year due to strong labor market conditions and rising wages, significant increases are unlikely until there is clearer evidence of:
- Slowing consumer spending
- Declining business investment
Arone noted that such changes could be triggered by:
- Rising unemployment
- Declining corporate profits
Market Developments
Investors are closely monitoring developments in trade talks between Washington and Beijing, as well as key economies such as Germany, Italy, France, and Spain, which will release GDP data later this week.
Sector Performance
- Artificial Intelligence Sector: Nvidia led gains with a rise of more than 5%.
- Super Micro Computer: This stock jumped more than 16%.
Index Changes
Coinbase Global will replace Discover Financial Services in the S&P 500 index next week after being added earlier this year, according to S&P Dow Jones Indices.
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