Update: Nasdaq, S&P 500 Rise as Inflation Drops for First Time in Six Years, Trump Reverses Plan to Impose Toll on Hormuz Cargo

(Updates with index/price moves and company/geopolitical news from the first paragraph.) US equity indexes traded mixed, with the Nasdaq Composite and the S&P 500 gaining, as the June inflation rate fell for the first time in more than six years and President Donald Trump withdrew plans to impose a levy on cargo transiting the Strait of Hormuz in the Persian Gulf. The tech-heavy Nasdaq advanced 0.7% to 25,918.2, with the S&P 500 climbing 0.4% to 7,543.4 and the Dow Jones Industrial Average up less than 0.1% to 52,518.3 after midday Tuesday. Financials and technology led gainers, while healthcare was the steepest decliner. IBM's (IBM) shares sank 25%, the steepest decline on the Dow and the S&P 500, after the tech giant issued Q2 guidance below Wall Street expectations. The US seasonally adjusted consumer price index fell by 0.4% month-over-month in June, reportedly the first decline since 2020, compared with expectations for a 0.1% decrease in a Bloomberg-compiled survey and following a 0.5% increase in May, according to data released Tuesday by the Bureau of Labor Statistics. Core CPI, which excludes food and energy prices, held steady, compared with the consensus estimate.