Stock Market Indexes Rally Slightly as Inflation Data Falls Short of Expectations
The stock market saw a modest rally following the release of cooler-than-expected inflation data, with the Nasdaq Composite and S&P 500 rising on Wednesday. However, the Dow Jones Industrial Average remained flat despite gains in some major stocks like Apple and Alphabet. The core PCE index rose by just 0.2% for an annual rate of 3%, below forecasts, which led traders to push back expectations for a Federal Reserve interest rate hike from October to December. The tech sector was the main driver behind the Nasdaq's gains, with six stocks—Alphabet, Apple, Nvidia, Microsoft, Amazon, and others—accounting for nearly all of its 1.1% increase. In contrast, the Dow showed a more balanced performance among its components but failed to rise due in part to declines from Caterpillar and Goldman Sachs. Despite these movements, broader market indices like the Equal-weight S&P 500 saw little change or slight dips, suggesting that most stocks did not participate meaningfully. The upcoming jobs report on Friday is expected to provide further clarity for investors.
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