The S&P 500 closed higher boosted by semiconductor stocks after June inflation data came in weaker than expected, finishing up 0.38% at 7,543.59, while the Nasdaq Composite advanced 0.9% to end the day at 26,107.01 and the Dow Jones Industrial Average settled up just 9.63 points, or 0.02%, at 52,508.27. The Consumer Price Index showed that inflation rose 3.5% in June on an annualized basis, below economists' expectations of 3.8%. IBM shares plunged roughly 25% after the hybrid cloud products provider issued an earnings warning.
→ Fed Chair Kevin Warsh's testimony before Congress—his remarks on policy path and interest rates are critical given the competing signals of cooling inflation and rising oil prices
→ Bank earnings momentum: JPMorgan, Goldman Sachs, and Bank of America beat, but tepid results from Citigroup and Wells Fargo signal mixed sentiment in financial sector
→ Oil price stability: Trump's pivot away from the Strait of Hormuz fee eased crude, but geopolitical tensions and Iran conflict remain drivers of volatility—watch for further escalation signals