Update: US Equity Indexes Rise as Cooling Inflation Eases Interest-Rate Pressure on Tech While IBM Sell-Off Restrains Dow
(Updates with index/price moves, macroeconomic data, and geopolitical news from the first paragraph.) US equity indexes closed higher on Tuesday after the steepest slide in inflation in more than six years helped lift the Nasdaq Composite and the S&P 500, while a sharp sell-off in IBM (IBM) anchored the Dow Jones Industrial Average. The tech-heavy Nasdaq advanced 0.9% to 26,107.01, and the S&P 500 climbed 0.4% to 7,543.59. The Dow Jones Industrial Average rose by less than 0.1% to 52,508.27. Interest-rate-sensitive sectors, technology and communication services, led gainers in a broad-based rally. Healthcare was the worst performer. IBM sank 25%, the most on the Dow and the S&P 500, after Q2 guidance missed expectations. Looking at gains from the top 20 companies with market capitalizations exceeding $200 billion, half were from the semiconductor industry, according to data compiled by Finviz. The top gainer was SK Hynix, up 27%, following its Nasdaq debut last Friday. The consumer price index fell 0.4% month-over-month in June, the steepest drop since April 2020, compared with forecasts for a 0.1% drop in a Bloomberg-compiled survey and a 0.5% gain in May, according to the.
(Updates with index/price moves, macroeconomic data, and geopolitical news from the first paragraph.) US equity indexes closed higher on Tuesday after the steepest slide in inflation in more than six years helped lift the Nasdaq Composite and the S&P 500, while a sharp sell-off in IBM (IBM) anchored the Dow Jones Industrial Average.
The tech-heavy Nasdaq advanced 0.9% to 26,107.01, and the S&P 500 climbed 0.4% to 7,543.59.
The Dow Jones Industrial Average rose by less than 0.1% to 52,508.27.
Interest-rate-sensitive sectors, technology and communication services, led gainers in a broad-based rally.
Healthcare was the worst performer.
IBM sank 25%, the most on the Dow and the S&P 500, after Q2 guidance missed expectations.
Looking at gains from the top 20 companies with market capitalizations exceeding $200 billion, half were from the semiconductor industry, according to data compiled by Finviz.
The top gainer was SK Hynix, up 27%, following its Nasdaq debut last Friday.
The consumer price index fell 0.4% month-over-month in June, the steepest drop since April 2020, compared with forecasts for a 0.1% drop in a Bloomberg-compiled survey and a 0.5% gain in May, according to the.