Update: Nasdaq, S&P 500 Rise as Inflation Cools Most in Six Years, Trump Drops Strait of Hormuz Cargo Toll Plan
(Updates with index/price moves, macroeconomic data 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 the most 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 1% to 26,125.4, with the S&P 500 climbing 0.4% to 7,545.1 after midday Tuesday. The Dow Jones Industrial Average bucked the trend, slipping 0.1% to 52,429.5. 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, the steepest drop since April 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 0.2% growth.
(Updates with index/price moves, macroeconomic data 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 the most 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 1% to 26,125.4, with the S&P 500 climbing 0.4% to 7,545.1 after midday Tuesday.
The Dow Jones Industrial Average bucked the trend, slipping 0.1% to 52,429.5.
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, the steepest drop since April 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 0.2% growth.