US Stock Market Surges on Softer Inflation Data
The US stock market experienced a significant surge in July following the release of softer-than-expected CPI inflation data for June 2026. The Dow Jones, Nasdaq Composite, and S&P 500 indices all recorded gains, with the Nasdaq outperforming its counterparts.
Mega banks and financial stocks were among the top performers, led by Goldman Sachs, which saw a 9% increase after surpassing earnings estimates in its quarterly report. JP Morgan and Bank of America also posted notable gains, rising 2.5% and nearly 2%, respectively.
On the other hand, IBM suffered a significant decline of 25.24% following weaker-than-expected quarterly earnings. Despite revenue increases in some areas, the company's consultancy and infrastructure revenues fell short of expectations.