Wall Street looks upward after inflation data
SPY•Other market moves
Euro STOXX 600 index was off about 0.1% after earlier gains.
Dollar and bitcoin slipped, U.S. crude dipped and gold rose more than 1%.
The U.S. 10-year Treasury yield dipped to around 4.66%.
Inflation print nudges Fed expectations
The July CPI reading was pretty much as expected, leading traders to adjust expectations for Federal Reserve policy. The probability for rates to stay steady in September rose to roughly 62% from about 52% on Tuesday, according to CME Group's FedWatch tool.
George Bory, chief investment strategist for fixed income at Allspring Global Investments, was cautious.
"Today’s data shows that we could be past peak inflation. It does take some pressure off the Fed. That being said, it’s premature to call the all-clear because some of the underlying inflation figures are still elevated," Bory said. "We expect no rate hikes this year. But as much as the current stats are showing that inflation could be moderating, much hinges on oil prices and the Middle East."
Wall Street rises after in-line inflation data
U.S. equity indexes are rising on Wednesday as the wait for July's closely watched consumer inflation reading finally ended with no surprises and investors eyed the latest earnings reports while oil prices fell slightly with little sign of progress in the Middle East.
Technology is bringing the biggest index point boost by far to the S&P 500 and is the biggest percentage gainer among the benchmark's 11 major industry sectors.
Shares of CoreWeave and Super Micro Computer are rallying after upbeat forecasts from the two AI infrastructure companies reinforced demand expectations for computing capacity. Their reports appeared to brighten the mood across the technology sector.
