Stock Market Rebounds as Inflation Data Eases Rate Hike Fears
The stock market showed signs of recovery on August 12 as inflation data eased concerns about a Federal Reserve rate hike. The Nasdaq Composite and S&P 500 indices both rose, with the Nasdaq gaining 0.54% to 26,588 and the S&P 500 rising 0.26% to 7,749.
The Dow Jones Industrial Average slipped 0.04% to 53,770, while gold prices increased 0.60% to $4,407.44. The 10-Year Treasury yield gained 0.004% to 4.69%. Industrials led the sector gainers, while consumer cyclicals and communication services lagged.
Nvidia rallied alongside other artificial intelligence (AI) stocks after Super Micro Computer and CoreWeave surged 19% following impressive quarterly results. Optical manufacturer Lumentum Holdings soared 14% after its earnings showed solid AI demand.