S&P 500 and Nasdaq rise after cooler-than-expected June inflation data

MacroCommodity Impact 4

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The S&P 500 and Nasdaq Composite advanced on Tuesday after a lighter-than-expected consumer inflation report, while the Dow Jones Industrial Average edged lower. The S&P 500 added 0.4% and the Nasdaq gained 1%, but the Dow slipped 0.1%. The U.S. Consumer Price Index rose 3.5% year-over-year in June, below the 3.8% consensus, and fell 0.4% month-over-month versus the 0.1% decline expected. Core CPI, which excludes food and energy, was flat on a monthly basis, compared with forecasts for a 0.2% increase. Bond yields fell, with the 10-year Treasury yield down 3 basis points to 4.59% and the 2-year yield off 9 basis points to 4.21%. Crude oil futures traded higher, with West Texas Intermediate at $78.9 a barrel and Brent at $84.5, as President Donald Trump said he would replace a proposed Strait of Hormuz transit fee with trade and investment deals from Gulf states. The session also marked the start of U.S. banking earnings season, with reports from JPMorgan Chase, Bank of America, Goldman Sachs, and Wells Fargo.