Tech Stocks Surge as US Inflation Report Fuels Mixed Market Performance
The US stock market delivered a mixed performance at the end of its midweek session following Wednesday's inflation report. The Consumer Price Index for All Urban Consumers (CPI-U) increased by 0.1 percent on a seasonally adjusted basis in July, matching expectations.
While growth-oriented tech stocks received a modest boost from the data, the broader industrial sector remained under pressure, with cyclical names struggling to recover. The Standard and Poor's 500 index advanced 18.48 points, or 0.24 percent, to finish at 7,746.68, while the Dow Jones Industrial Average slipped 29.80 points, or 0.06 percent.
The Nasdaq Composite emerged as the day's clear winner, surging 143.04 points, or 0.54 percent, to settle at 26,588.49. Trading volume on the tech-heavy index reached 5.866 billion shares, as semiconductor and software stocks led the charge higher.
The US dollar traded the midweek session on a firm footing, posting gains against every major global currency amid shifting interest rate expectations and cautious risk sentiment.