U.S. stocks experienced slight upward movement on Thursday, following the release of the much-awaited inflation report for July. Despite a significant initial surge, the market only saw modest gains by the end of the trading session.
- The S&P 500 (SPX) edged higher by 1.20 points, or less than 0.1%, reaching 4,468.91 as per preliminary data from FactSet.
- The Nasdaq Composite (COMP) witnessed a slight increase of 15.97 points, equivalent to 0.1%, closing at 13,737.99.
- The Dow Jones Industrial Average (DJIA) advanced 52.39 points, or 0.2%, ending at 35,175.75 after initially surging over 450 points.
July Inflation Report
The data for July’s inflation revealed results in line with economists’ expectations, as the Consumer Price Index (CPI) rose by 0.2% during the month.
Fed President’s Remarks Impact Stocks
Later in the day, San Francisco Fed President Mary Daly made remarks acknowledging that the central bank still has work to do in addressing inflation concerns. This statement led to higher Treasury yields and subsequently put pressure on stock prices. It is evident that further measures are required to tackle inflation effectively.