US Inflation Rises 0.1% Month-Over-Month
The July consumer price index rose 0.1% month-over-month and 3.4% year-over-year
A wall of blowout artificial intelligence infrastructure earnings pushed semiconductor and optical networking stocks sharply higher on Wednesday, dragging the Nasdaq 100 higher. A July inflation print that landed exactly on consensus did the rest, pulling Treasury yields lower across the curve and trimming the odds of a September Federal Reserve rate hike. 5%. 5% annually, the softest in five months.
9% on the month. Markets remain split on whether the Fed hikes 25 basis points in September, but the print removed the tail risk that forced the question. Treasury yields eased after the inflation data. 24%.
94, holding just below its record close from last week. 1%. 90 on the back of chip strength. Within Magnificent Seven stocks, Nvidia Corp.
8%. 2%. 1%. 8%.
5%. 8%. It was the only sector moving with conviction. 2%, dragged by Meta Platforms Inc.
(NASDAQ: META ) and Alphabet Inc. 0% as The Home Depot Inc. (NYSE: HD ) and Lowe’s Companies Inc. (NYSE: LOW ) dropped about 2% apiece.
Industry-level dispersion was even starker. 0%. S. 0%.
CoreWeave Inc. 85 gigawatts. 2 billion. Lumentum Holdings Inc.
01 billion, up 109%. Ciena Corp. 70, a pure read-across from Lumentum’s AI-driven strength. Viavi Solutions Inc.
4%, Credo Technology Group Holding Ltd. 1% and Coherent Corp. 9%. Super Micro Computer Inc.
62, more than $60 billion of new orders booked in the quarter and fiscal 2027 revenue guidance running as high as $72 billion. H&R Block Inc. 86 consensus at the midpoint, and management lifted the dividend 10%. The chip complex rode the same wave.
Micron Technology Inc. 6%, Lam Research Corp. 2%, Applied Materials Inc. 1%, and Intel Corp.
2%. SK Hynix Inc. (NASDAQ: SKHY ) soared over 7% amid fresh stakes taken by Singapore’s Temasek Holdings Pte. 51 consensus and a fiscal 2026 adjusted EPS guidance cut.
Lyft Inc. 6%, extending the post-earnings de-rating that followed its Aug. 6 report amid persistent autonomous-vehicle competition concerns. The pressure was industry-wide: Uber Technologies Inc.
0%. 22% First Solar Inc. 62% Texas Pacific Land Corp. 51% Klaviyo Inc.
15% Image: Shutterstock