August 12 Market Update: Inflation Data Eases Rate Hike Fears, Boosting Stocks
The stock market saw a mixed performance on August 12, with some sectors leading gains while others lagged. The Nasdaq Composite (^IXIC) rose 0.54% to 26,588, and the S&P 500 (^GSPC) gained 0.26% to 7,748 after inflation data came in line with expectations.
This eased concerns of a Federal Reserve rate hike, boosting markets as investors regained some risk appetite. The Dow Jones Industrial Average (^DJI) slipped 0.04% to 53,770, the only major index to decline.
Gold prices rose 0.60% to $4,407.44 at market close, and the 10-Year Treasury yield gained 0.004% to 4.69%. Industrials led sector gainers, while consumer cyclicals and communication services lagged.
Nvidia (NVDA) rallied alongside other AI stocks, with Super Micro Computer (SMCI) and CoreWeave surging 19% after impressive quarterly results. Lumentum Holdings (LITE) soared 14% on solid AI demand in its earnings.